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Judgment
ORDER
The Counsel for the Operational Creditor (OC) filed this petition seeking the admission of the Corporate Debtor (CD) into the Corporate Insolvency Resolution Process (CIRP). During the hearing, the Counsel submitted that certain amounts have been paid by the Corporate Debtor, and that there is an understanding between the Corporate Debtor and the Operational Creditor to allow the balance amount to be paid after one month. The Counsel requested an adjournment until the payment is made by the Corporate Debtor.
However, this Bench finds the request for adjournment not to be in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC). It is clarified that this Forum is not intended for the recovery of amounts pending or to await full payment by the Corporate Debtor to the Operational Creditor. The IBC provides a mechanism for resolution and not for the recovery of claims. In light of the above, the CP is dismissed and disposed of accordingly.