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The Principal Bench of the National Company Law Tribunal (NCLT) was hearing the plea for initiating insolvency against Orris Infrastructure over an alleged default of Rs 3.60 lakh.
The National Company Law Tribunal (NCLT) in India has dismissed a plea to initiate insolvency against Orris Infrastructure, stating that the Insolvency & Bankruptcy Code (IBC) cannot be used as a "tool for recovery". The NCLT observed that the applicants had already received full payment from Orris Infrastructure in excess of the default amount. The applicants had signed an agreement with the realty firm, which included monthly assured returns. The construction was completed in 2013, and the occupation certificate was received in 2017, ending the period for paying assured returns...