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Insolvency & Bankruptcy Code cannot be used as a tool for recovery NCLT

Dated on: Wednesday 20th September 2023

The National Company Law Tribunal (NCLT) dismissed a plea from two unit buyers of a commercial complex, stating that the Insolvency & Bankruptcy Code cannot be used as a "tool for recovery." The plea sought to initiate insolvency proceedings against Orris Infrastructure for an alleged default of Rs 3.60 lakh. The NCLT bench noted that the buyers had already received full payment from Orris Infrastructure according to their agreement.

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