Creditors must use civil remedies, not IBC Section 66, to recover debts from third parties in insolvency cases.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIRP - right of the creditors for recovery of dues of the corporate debtors from the third parties - It is for the Resolution Professional or the successful resolution applicant, as the case may be, to take such civil remedies against third party, for recovery of dues payable to corporate debtor, which may be available in law. The remedy against third party, however, is not available under Section 66 of IBC, and the civil remedies which may be available in law, are independent of the said Section. - SC....