https://www.taxtmi.com/caselaws?id=398964 The tribunal dismissed the petition for the initiation of Corporate Insolvency Resolution Process (CIRP) as not maintainable, emphasizing that the Insolvency and Bankruptcy Code (IBC) is not meant to be a recovery forum. It highlighted that the petitioner's aim was to recover the outstanding amount rather than resolve insolvency, citing the legal principle of double jeopardy as the petitioner had already initiated criminal proceedings under the Negotiable Instruments Act. The tribunal stressed the importance of an undisputed debt for initiating CIRP and allowed parties to settle disputes through other legal remedies, such as proceedings under the Negotiable Instruments Act. en-us Mon, 06 Jul 2020 00:00:00 +0530 Tue, 29 Sep 2020 06:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398964 The tribunal dismissed the petition for the initiation of Corporate Insolvency Resolution Process (CIRP) as not maintainable, emphasizing that the Insolvency and Bankruptcy Code (IBC) is not meant to be a recovery forum. It highlighted that the petitioner's aim was to recover the outstanding amount rather than resolve insolvency, citing the legal principle of double jeopardy as the petitioner had already initiated criminal proceedings under the Negotiable Instruments Act. The tribunal stressed the importance of an undisputed debt for initiating CIRP and allowed parties to settle disputes through other legal remedies, such as proceedings under the Negotiable Instruments Act. Case-Laws Insolvency and Bankruptcy Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398964