Applicant Lacks Standing to Challenge Insolvency Proceedings; Failed to Prove Fraud Against Banks Operating Legally u/s 7.

CIRP - The onus to prove the existence of fraud is on the party alleging the same and in the present case, the applicant had miserably failed to establish the same - there is no injunction against the Lenders from exercising their contractual rights or statutory rights. Further, the banks are exercising their statutory rights in accordance with law as they are not party to the arbitration proceedings. Moreover, the Applicant is not even a stakeholder in respect of the Corporate Debtor and, a complete third-party to the proceedings before this Tribunal and has no locus standi to question initiation of proceedings under Section 7 of the Insolvency and Bankruptcy Code against the Corporate Debtor. - Tri .....

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