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IBC CIRP Shouldn't Be Used Solely for Debt Recovery; Adjudicating Authority Rejects Misuse in Recent Case.
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....Initiation of CIRP - If IBC is purely used for the purpose of Debt Recovery, particularly when the amounts due are small, and the Company is a solvent entity and is a going concern, the question of ‘Reorganising’ or ‘Resolution of the Company’ does not arise - the Adjudicating Authority should use its discretion in admitting/ rejecting an Application. In the instant case, the Adjudicating Authority has rightly rejected the Application - AT....