IBC Mechanism Not a Substitute for Decree Execution or Recovery Proceedings: Supreme Court
The case arose from a loan transaction in 2010, where the respondent-creditor advanced short-term loans of about ₹4.5 crore to the corporate debtor company. Over time, disputes emerged and the matter went through cheque dishonour proceedings under the Negotiable Instruments Act, 1881, followed by multiple settlement attempts. Despite payments exceeding ₹3.5 crore by 2014, litigation continued, and the matter eventually reached the Delhi High Court through a summary suit. Decree…
