CIRP - Rejection of Application seeking intervention - Locus to ...

Tribunal Affirms Appellant's Right to Intervene in Insolvency Process, Citing Participation and Offer Submission.

January 30, 2024

Case Laws     Insolvency and Bankruptcy     AT

CIRP - Rejection of Application seeking intervention - Locus to file application - infringement of rights - Approval of resolution plan (offer) of another party - The tribunal decided that the appellant, having been a participant in the CIRP process and having submitted offers, does indeed have the locus to file the intervention application. It observed that the NCLT's order examining the appellant’s contentions on merits while also stating they lacked locus was contradictory. - However, the tribunal permits the appellant to file an application with their objections/affidavits before the NCLT - AT

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