https://www.taxtmi.com/highlights?id=80236 The case deals with the maintainability of an application u/s 4 of the Code based on the minimum default amount. The court held that interest alone on a loan does not constitute operational debt. Citing relevant cases, it was emphasized that interest cannot be recovered without a signed agreement. The application, below the threshold amount, was rejected due to the inclusion of interest. Additionally, a pre-existing dispute over cheques was noted, with the Respondent alleging fraud by the Appellant. The Adjudicating Authority rightly dismissed the application, considering the threshold amount and pre-existing disputes. The appeal was subsequently dismissed by the NCLAT. en-us Thu, 08 Aug 2024 09:09:16 +0530 Thu, 08 Aug 2024 09:09:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80236 The case deals with the maintainability of an application u/s 4 of the Code based on the minimum default amount. The court held that interest alone on a loan does not constitute operational debt. Citing relevant cases, it was emphasized that interest cannot be recovered without a signed agreement. The application, below the threshold amount, was rejected due to the inclusion of interest. Additionally, a pre-existing dispute over cheques was noted, with the Respondent alleging fraud by the Appellant. The Adjudicating Authority rightly dismissed the application, considering the threshold amount and pre-existing disputes. The appeal was subsequently dismissed by the NCLAT. Highlights Insolvency and Bankruptcy Thu, 08 Aug 2024 09:09:16 +0530 https://www.taxtmi.com/highlights?id=80236