Interest on ICDs Forms Part of Financial Debt Once Liability Is Acknowledged: NCLAT Delhi

Advertisement Wild Dreams Trading Company Pvt. Ltd. Vs Ascendancy Financial Services Pvt. Ltd. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) considered an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the order of the National Company Law Tribunal (NCLT), Chandigarh Bench, which had dismissed the appellant’s application under Section 7 of the Code seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The NCLT had held that the interest component could not be added to the claim merely o...