https://www.taxtmi.com/caselaws?id=398965 The tribunal dismissed the petition to initiate Corporate Insolvency Resolution Process (CIRP) against the respondent due to the petitioner's intention to recover the outstanding amount rather than seeking CIRP. The tribunal emphasized that the Insolvency and Bankruptcy Code (IBC) is not meant to substitute a recovery forum and cited the principle of double jeopardy as the petitioner had already invoked the Negotiable Instruments Act for the same matter. The tribunal acknowledged the financial impact of COVID-19 on the respondent but held that the petition was not maintainable under the IBC. No costs were awarded. en-us Mon, 06 Jul 2020 00:00:00 +0530 Tue, 29 Sep 2020 06:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398965 The tribunal dismissed the petition to initiate Corporate Insolvency Resolution Process (CIRP) against the respondent due to the petitioner's intention to recover the outstanding amount rather than seeking CIRP. The tribunal emphasized that the Insolvency and Bankruptcy Code (IBC) is not meant to substitute a recovery forum and cited the principle of double jeopardy as the petitioner had already invoked the Negotiable Instruments Act for the same matter. The tribunal acknowledged the financial impact of COVID-19 on the respondent but held that the petition was not maintainable under the IBC. No costs were awarded. Case-Laws Insolvency and Bankruptcy Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398965