https://www.taxtmi.com/caselaws?id=291505 The NCLT, Bengaluru Bench, dismissed C.P. (IB) No. 151/BB/2019, determining it was not appropriate for initiating CIRP under the Insolvency and Bankruptcy Code, 2016. The Tribunal found the petition primarily aimed at debt recovery rather than legitimate CIRP initiation. The Respondent's commitment to pay the outstanding amount in instalments influenced the decision. The Tribunal allowed the Petitioner to pursue other legal remedies if the payment commitments were unmet, with no costs awarded. en-us Thu, 10 Oct 2019 00:00:00 +0530 Wed, 13 Nov 2024 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291505 The NCLT, Bengaluru Bench, dismissed C.P. (IB) No. 151/BB/2019, determining it was not appropriate for initiating CIRP under the Insolvency and Bankruptcy Code, 2016. The Tribunal found the petition primarily aimed at debt recovery rather than legitimate CIRP initiation. The Respondent's commitment to pay the outstanding amount in instalments influenced the decision. The Tribunal allowed the Petitioner to pursue other legal remedies if the payment commitments were unmet, with no costs awarded. Case-Laws IBC Thu, 10 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291505