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Lakshya Powertech announced that the National Company Law Tribunal (NCLT) Ahmedabad rejected a frivolous application from Arka Projects seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the company. The tribunal dismissed the application due to a pre-existing dispute between the parties, clarifying that the Insolvency and Bankruptcy Code is for insolvency resolution, not for recovering disputed dues. This decision removes a significant legal challenge and potential threat of insolvency proceedings, positively impacting the company's operational stability and shareholder confidence.