Purpose of IBC is reorganization & insolvency resolution, not debt recovery: NCLAT Delhi

R.B. Singh Vs Rashmi Cement Limited (NCLAT Delhi) The case of R.B. Singh Vs Rashmi Cement Limited (NCLAT Delhi) revolves around a dispute initiated under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC). The appeal was filed by the Corporate Debtor, Bhilai Jaypee Cement Limited, against an order passed by the Adjudicating Authority, which allowed a petition by Rashmi Cement Limited (RCL) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. RCL claimed that it had made advance payments to Bhilai Jaypee Cement Limited (BJCL) for the supply of...