Entitlement to file an appeal as an Independent Director in the ...

Former Director Lacks Standing to Contest Claim; Appeal Dismissed, Costs Imposed for Delaying Resolution Process.

May 15, 2024

Case Laws Insolvency and Bankruptcy AT

Entitlement to file an appeal as an Independent Director in the Corporate Debtor - The appellant, an erstwhile director of the corporate debtor, challenged the admission of the claim, citing a One Time Settlement (OTS) agreement from 2008. However, the Appellate Tribunal found that the appellant lacked the legal standing to challenge the claim admission. It affirmed the Resolution Professional's decision, which was based on the terms of the OTS and subsequent revocation by the financial creditor. The Tribunal dismissed the appeal, imposing a cost on the appellant for what it deemed as an attempt to delay the resolution process.

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Entitlement to file an appeal as an Independent Director in the ...

Former Director Lacks Standing to Contest Claim; Appeal Dismissed, Costs Imposed for Delaying Resolution Process.

May 15, 2024

Case Laws Insolvency and Bankruptcy AT

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