Corporate Insolvency Resolution Process: Assess Solvency Alongside Debt and Default to Prevent Misuse of Bankruptcy Code.

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....Initiation of CIRP - While initiating CIRP, one of the criteria is solvency of CD apart from debt and default in question. It is settled position of law that the provisions of the Code cannot be invoked for recovery of outstanding amount, and it cannot be misused to drop curtain on healthy organisation. - Tri....