Raising interest in insolvency petition without prior intimation to corporate debtor untenable

Janus GBAC Limited Vs Beloorbayir Biotech Limited (NCLT Bengaluru) NCLT Bengaluru held that interest cannot be raised unilaterally in the Insolvency petition, without prior intimation to Corporate Debtor. Accordingly, petition dismissed as alleged amount not sufficient enough to maintain petition u/s. 4 of the Insolvency and Bankruptcy Code. Facts- The present Company petition is filed on 27/07/2023, under section 9 of the Insolvency and Bankruptcy Code, 2016, r/w. Rule 6 of the I&B (Application to Adjudicating Authority) Rules 2016, by JANUS GBAC LIMITED. (Operational Creditor/Petitioner)...