CIRP u/s. 7 of IBC dismissed as application filed for recovery of dues

Akshay Kumar Rout Vs Indo Laminates Pvt. Ltd (NCLT Delhi) NCLT Delhi held that CIRP application under section 7 of the Insolvency and Bankruptcy Code dismissed as the applicant is primarily seeking to recover its dues, rather than facilitating the resolution of the Corporate Debtor, who is solvent and operational. Facts- The present application under Section 7 of the Insolvency and Bankruptcy Code, 2016 has purportedly been filed by Mr. Akshay Kumar Rout, Prop. of Jagannath Traders, seeking initiation of CIRP against M/s. Indo Laminates Pvt. Ltd., the Corporate Debtor herein for the alleged de...