Initiation of CIRP - Corporate Debtor sought to reopen the ...

Corporate Debtor's Attempt to Reopen CIRP Denied; Only Operational Creditor Can File, Says Adjudicating Authority.

July 12, 2021

Case Laws     Insolvency and Bankruptcy     AT

Initiation of CIRP - Corporate Debtor sought to reopen the application - Appellant had paid the due amount in full and final settlement with the Respondent/Operational Creditor - the ‘Adjudicating Authority’ had not granted permission to the Appellant and further mentioned that the prerogative to file a reopen application vests only with the Respondent/Operational Creditor and not with the ‘Corporate Debtor’. - the ‘Adjudicating Authority’ directed to dispose of the said application in accordance with the I & B Code and IBBI Regulations as expeditiously as possible - AT

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