TMI Blog2019 (11) TMI 1431X X X X Extracts X X X X X X X X Extracts X X X X ..... malicious intent for any purpose other than for the resolution of insolvency, or liquidation, such application is fit to be rejected. In the present case, the Respondent- Corporate Debtor is not insolvent and viable and feasible to pay the claim amount. Only for recovery of the interest, the Appellant is pursuing the Insolvency Resolution Process which, according to us, is malicious intent f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Creditor ) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short) for initiation of the Corporate Insolvency Resolution Process against M/s. Gujarat Liqui Pharmacaps Private Limited - ( Corporate Debtor ) for default of ₹ 10,47,500/-. In a petition under Section 9, it was shown that a sum of ₹ 7,50,000/- was payable towards the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ight to get the interest over and above the principal amount. However, we are not inclined to accept such submissions. 5. Section 65 relates to fraudulent and malicious initiation of proceedings and reads as follows: 65. Fraudulent or malicious initiation of proceedings.─(1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected. 7. In the present case, we find that the Respondent- Corporate Debtor is not insolvent and viable and feasible to pay the claim amount. Only for recovery of the interest, the Appellant is pursuing the Insolvency Resolution Process which, according to us, is malicious intent for any purpose other than for the resolution of insolvency, or liquidation. 8. For the reasons aforesaid, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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