Court Upholds Tribunal's Decision: Insolvency Code is for Debtor Rehabilitation, Not Debt Recovery.

Initiation of CIRP - Time and again, it has been expressed and explained by this Court that the provisions of the Code are essentially intended to bring the corporate debtor to its feet and are not of money recovery proceedings as such. The intent of the appellant had only been to invoke the provisions of the Code so as to enforce recovery against the corporate debtor. We find no fault in the Tribunal and the Appellate Tribunal having declined the prayer of the appellant. - SC .....

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