The Supreme Court of India has set aside an order of the National Company Law Appellate Tribunal (NCLAT) that directed the initiation of insolvency proceedings against a solvent company based on a civil court decree. The Court held that the Insolvency and Bankruptcy Code, 2016 (IBC) is intended for the “reorganisation and insolvency resolution of
IBC is Not a Recovery Mechanism; Cannot be Used as a Substitute for Execution of Civil Decrees: Supreme Court
