Financial creditors insolvency application maintainable for “interest alone” even if principal amount is not due

Base Realtors Private Limited Vs Grand Realcon Private Limited (NCLAT Delhi)

Financial creditors insolvency application is maintainable for ‘interest alone’ even if principal amount is not due.

Synopsys of the judgement is as follows:

1. Appellant filed sec. 7 application in respect of interest of three quarters which accrued and became payable as a debt, to the tune of rs.71 lakh, rs.84 lakh and rs.84 lakh respectivelyPlease become a Premium member. If you are already a Premium member, login here to access the full content.