https://www.taxtmi.com/caselaws?id=427432 The Supreme Court upheld the NCLAT's decision to set aside the NCLT's order admitting the application for Corporate Insolvency Resolution Process (CIRP). The Court found a pre-existing dispute between the parties, emphasizing that the NCLT erred in admitting the application. The appeal was dismissed, advising the appellant to seek other remedies such as arbitration for debt recovery. The Court clarified that the Insolvency and Bankruptcy Code is not meant for debt collection but to address insolvency matters, emphasizing that CIRP should only proceed in clear cases without disputes. en-us Fri, 15 Jul 2022 00:00:00 +0530 Fri, 09 Sep 2022 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427432 The Supreme Court upheld the NCLAT's decision to set aside the NCLT's order admitting the application for Corporate Insolvency Resolution Process (CIRP). The Court found a pre-existing dispute between the parties, emphasizing that the NCLT erred in admitting the application. The appeal was dismissed, advising the appellant to seek other remedies such as arbitration for debt recovery. The Court clarified that the Insolvency and Bankruptcy Code is not meant for debt collection but to address insolvency matters, emphasizing that CIRP should only proceed in clear cases without disputes. Case-Laws Insolvency and Bankruptcy Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427432