2020 (2) TMI 1674 - SCH - Insolvency and Bankruptcy

Initiation of CIRP - Objection / Appeal by another lender (Financial Creditor) against the initiation of CIRP - Locus Standi NCLAT dismissed appeal of the appellant in 2019 (8) TMI 1849 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI , by stating that, After admission of the application under Section 7, if the Appellant claims that it is one of the 'Financial Creditor', it can file claim before the 'Resolution Professional', but it cannot challenge the order of admission in absence of any challenge by the 'Corporate Debtor', on the ground that it has first charge on the asset of the 'Corporate Debtor' or has superior claim over the claim of the other 'Financial Creditors'. SC dismissed the appeal by stating that, We find no ground to interfere with the impugned judgment(s) passed by the Tribunal.

Summary

The Supreme Court of India dismissed the appeals and upheld the impugned judgment(s) passed by the Tribunal. Pending applications, if any, shall stand disposed of.