Supreme Court reverses NCLAT order admitting Section 7 IBC petition against Anjani Technoplast Ltd, holding it as misuse of insolvency process for debt recovery.
Court finds respondent bypassed execution of Delhi High Court decree and initiated CIRP against solvent company with Rs 35 crore revenue and Rs 8 crore profits.
Significant payment discrepancies noted, with respondent claiming Rs 12.51 crore while appellant deposited Rs 3.6 crore and disputed quantum before Delhi High Court.
Court reaffirms IBC is not debt recovery mechanism but for corporate revival, allowing appeal with Rs 5 lakh costs against respondent.