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2022 (5) TMI 391 - SCH - Insolvency and BankruptcyInitiation of CIRP - Corporate Debtor has failed to make repayment of its dues - Financial Creditors - time limitation - NCLT and NCLAT rejected the application - HELD THAT:- The National Company Law Tribunal, Chandigarh Bench, Chandigarh and thereafter, the National Company Law Appellate Tribunal, Principal Bench, New Delhi have rightly taken the view that the application as moved by the present appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) was barred by limitation. Time and again, it has been expressed and explained by this Court that the provisions of the Code are essentially intended to bring the corporate debtor to its feet and are not of money recovery proceedings as such. The intent of the appellant had only been to invoke the provisions of the Code so as to enforce recovery against the corporate debtor. We find no fault in the Tribunal and the Appellate Tribunal having declined the prayer of the appellant. However, in the interest of justice, it does appear appropriate and hence observed that if any other proceedings have been or are taken up by the appellant, the same shall be dealt with and proceeded on their own merits and in accordance with law - Appeal dismissed.
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