Main objective IBC 2016 is reorganisation and resolution not recovery
Last updated: 15 August 2022
Court :
NCLAT New Delhi
Brief :
The Hon'ble NCLAT New Delhi Bench upheld dismissal of petition filed under Section 9 of IBC,2016 on the grounds that Corporate Debtor being a solvent company and its status is MSME. The Corporate Debtor is providing employment to various persons and generating revenue. In such cases where amount due is small the question of “Reorganisation or Resolution” of Company does not arise.
Citation :
NCLAT, Company Appeal (AT) (Ins) No. 968 of 2020.
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FCS Deepak Pratap Singh
Published in Corporate Law
Views : 273
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