NCLT Initiates CIRP Despite No Outstanding Dues, Emphasizes IBC Not for Creditor Recovery, Disputed Claims Need Legal Forum.

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....Initiation of CIRP - NCLT admitted the application - No outstanding dues - The intent of IBC is not to facilitate recovery for creditors - it is agreed that once all outstanding dues have been paid by the Corporate Debtor to the Respondent Shankar Khandelwal, disputed claims if any, can be raised in suitable other legal forum and IBC can not be used for such recovery proceeding. - AT....