Several operational creditors filed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against 'M/s Gammon India Ltd.' The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, noted that the principal amount of debt had been paid to the Appellants and dismissed the applications. The Appellants argued that the Adjudicating Authority kept the matter pending for a long time and did not dispose of it within 14 days as stipulated under Section 9 of the I&B Code. The Appellants also contended that the 'debt' includes interest. The Appellate Tribunal found that the 14-day period is not mandatory and that if interest is payable as per an agreement, then the debt will include

Several operational creditors filed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against 'M/s Gammon India Ltd.' The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, noted that the principal amount of debt had been paid to the Appellants and dismissed the applications. The Appellants argued that the Adjudicating Authority kept the matter pending for a long time and did not dispose of it within 14 days as stipulated under Section 9 of the I&B Code. The Appellants also contended that the 'debt' includes interest. The Appellate Tribunal found that the 14-day period is not mandatory and that if interest is payable as per an agreement, then the debt will include