Interest Claims Under MSMED Act Can't Be Added To Principal Amount: NCLT Mumbai

The NCLT, Mumbai, has ruled that "interest claims under the MSMED Act cannot be added to the principal amount," as the tribunal lacks the authority to adjudicate them under the IBC. The ruling clarifies a jurisdictional matter, stating that while the IBC provides for the resolution of a company, it does not empower the NCLT to decide on claims that fall under a separate statute. This decision provides a crucial clarification on the powers of the NCLT.