2024 (4) TMI 573 - SCH - Insolvency and Bankruptcy

Aggrieved person or not - sufficient cause or not - it was held by NCLAT that the Leave prayed for, by the Petitioner / Appellant, to prefer the present Comp. App is not accorded to, by this Tribunal, based on the facts and surrounding circumstances of the case, which float on the surface - HELD THAT - The appellant T. Johnson, who was a Director of the company under liquidation had earlier submitted a proposal during the Corporate Insolvency Resolution Process, which upon consideration, was not accepted - at this stage, he should not be allowed and permitted to raise or propose a scheme. Further, the sale, as envisaged and accepted, was after long drawn process, in which opportunity was available to anyone to participate. Appeal dismissed.

Summary

The Supreme Court dismissed the appeal by T. Johnson, a director of a company under liquidation, who sought to propose a scheme during the Corporate Insolvency Resolution Process. The Court disagreed with the findings of the NCLAT but declined to issue notice, stating that a remand would be futile. The appeal was dismissed, and any pending applications were disposed of.