https://www.taxtmi.com/caselaws?id=392465 The NCLT dismissed the Company Petition C.P. (IB) No. 65/BB/2019 filed under Section 9 of the IBC, 2016, due to a credible dispute over the alleged operational debt and the petitioner's failure to fulfill managerial duties, causing financial losses. The tribunal also noted the petitioner's delayed filing, rendering the application time-barred. The tribunal emphasized that the IBC is not a tool for debt recovery but for initiating CIRP when justified. The petitioner retains the right to pursue alternative legal remedies, and no costs were awarded. en-us Wed, 28 Aug 2019 00:00:00 +0530 Thu, 07 Nov 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392465 The NCLT dismissed the Company Petition C.P. (IB) No. 65/BB/2019 filed under Section 9 of the IBC, 2016, due to a credible dispute over the alleged operational debt and the petitioner's failure to fulfill managerial duties, causing financial losses. The tribunal also noted the petitioner's delayed filing, rendering the application time-barred. The tribunal emphasized that the IBC is not a tool for debt recovery but for initiating CIRP when justified. The petitioner retains the right to pursue alternative legal remedies, and no costs were awarded. Case-Laws IBC Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392465