https://www.taxtmi.com/caselaws?id=447487 NCLAT allowed the appeal and set aside NCLT's order admitting CIRP application under Section 7 of IBC. The tribunal found that no financial debt was due to the respondent creditor as all outstanding dues had been settled through adjustments per the LLP agreement dated 31.12.2015. The respondent's claim of Rs. 38,73,94,501/- was disputed, with only Rs. 5,16,55,842/- actually due at retirement, which was already adjusted. NCLAT held that disputed claims should be adjudicated in civil court through recovery suits, not through IBC proceedings, as IBC is not meant to facilitate debt recovery for creditors. en-us Thu, 07 Dec 2023 00:00:00 +0530 Thu, 28 Dec 2023 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447487 NCLAT allowed the appeal and set aside NCLT's order admitting CIRP application under Section 7 of IBC. The tribunal found that no financial debt was due to the respondent creditor as all outstanding dues had been settled through adjustments per the LLP agreement dated 31.12.2015. The respondent's claim of Rs. 38,73,94,501/- was disputed, with only Rs. 5,16,55,842/- actually due at retirement, which was already adjusted. NCLAT held that disputed claims should be adjudicated in civil court through recovery suits, not through IBC proceedings, as IBC is not meant to facilitate debt recovery for creditors. Case-Laws Insolvency and Bankruptcy Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447487