Insolvency And Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates

[28 April 2022] The Supreme Court bench comprising of Justice Dinesh Maheshwari and Justice Aniruddha Bose in the case of Invest Asset Securitisation and Reconstruction Pvt. Ltd. versus Girnar Fibres Ltd. reiterates that the provisions of insolvency and bankruptcy code are essentially intended to bring the corporate debtor to its feet and are not of money recovery proceedings as such. Invest Asset Securitisation and Reconstruction Pvt. Ltd. (Invest Asset) filed an appeal before the Supreme Court under Section 62 of the Insolvency and Bankruptcy Code, 2016 against the orderdated 18.11.2021 passed by NCLAT wherein NCLAT dismissed the appeal of Invest Asset on the ground that the section 7 application filed by Invest against Girnar is barred by limitation.