Kochi, The Kochi bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency petition against a Kerala-based auto dealer, ruling that the Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to recover private debts.
The petition was filed by eight financial creditors against NCS Autocars Pvt Ltd in Pathanamthitta district, who claimed that the company had defaulted on loans worth Rs 4 crore advanced in two tranches in September and December 2023.
After part repayments, they claimed outstanding dues of Rs 3.82…