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Mar 31, 2023

NCLAT Holds that Application for Initiation of CIRP under Section 9 of IBC for Recovery of Interest is Not Maintainable

In Rohit Motawat v. Madhu Sharma Proprietor of Hind Chem Corporation & Anr.[1], the National Company Law Appellate Tribunal (‘NCLAT’), New Delhi held that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) for initiation of Corporate Insolvency Resolution Process (‘CIRP’) being pursued only for the interest component, where the principal amount had already been paid in full, is not maintainable as the spirit of the legislation of the IBC is for ‘resolution of debt’ and not for ‘recovery’.

[1] Rohit Motawat v. Madhu Sharma Proprietor of Hind Chem Corporation & Anr., Comp. Appeal (AT) (Ins.). No. 1152 of 2022.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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