https://www.taxtmi.com/caselaws?id=759973 NCLAT dismissed the appeal challenging rejection of Section 7 application. Appellant sought interest recovery after principal amount of Rs. 58,30,077 was already paid by respondent. Tribunal found appellant changed its position from investment claim in Section 9 application to loan claim in Section 7 application without informing Adjudicating Authority of alleged bonafide mistake. NCLAT held this constituted abuse of process and frivolous litigation. Appeal dismissed with costs of Rs. 1 lakh imposed on appellant, payable to respondent within 30 days. en-us Thu, 25 Apr 2024 00:00:00 +0530 Mon, 14 Oct 2024 08:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759973 NCLAT dismissed the appeal challenging rejection of Section 7 application. Appellant sought interest recovery after principal amount of Rs. 58,30,077 was already paid by respondent. Tribunal found appellant changed its position from investment claim in Section 9 application to loan claim in Section 7 application without informing Adjudicating Authority of alleged bonafide mistake. NCLAT held this constituted abuse of process and frivolous litigation. Appeal dismissed with costs of Rs. 1 lakh imposed on appellant, payable to respondent within 30 days. Case-Laws IBC Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759973