https://www.taxtmi.com/caselaws?id=398775 The Tribunal dismissed the petition filed by the Operational Creditor under Section 9 of the IBC, citing the petition's primary aim as debt recovery, which is impermissible under the Code. The Tribunal emphasized the lack of a valid explanation for the delay in issuing the demand notice and filing the application, rendering the petition non-maintainable. It highlighted the necessity of timely action and adherence to legal principles, reaffirming that the IBC is not a substitute for a recovery forum. The dismissal does not preclude the Petitioner from pursuing other legal remedies to recover the outstanding amount. en-us Thu, 25 Jun 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398775 The Tribunal dismissed the petition filed by the Operational Creditor under Section 9 of the IBC, citing the petition's primary aim as debt recovery, which is impermissible under the Code. The Tribunal emphasized the lack of a valid explanation for the delay in issuing the demand notice and filing the application, rendering the petition non-maintainable. It highlighted the necessity of timely action and adherence to legal principles, reaffirming that the IBC is not a substitute for a recovery forum. The dismissal does not preclude the Petitioner from pursuing other legal remedies to recover the outstanding amount. Case-Laws IBC Thu, 25 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398775