The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) against 'Citrus Check Inns Limited'. The appellant, claiming to be an investor in the company, filed an intervention petition before the Adjudicating Authority (NCLT Mumbai Bench) alleging that the CIRP was initiated fraudulently by the Operational Creditor in collusion with the Directors. The Adjudicating Authority rejected the appellant's prayer to recall the order admitting the application under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The appellant then filed an appeal against this rejection.
Amod Amladi, claiming to be an investor in 'Citrus Check Inns Limited', filed an intervention petition before the NCLT Mumbai Bench, alleging that the initiation of the Corporate Insolvency Resolution Process (CIRP) against 'Citrus Check Inns Limited' was fraudulent. The appellant contended that the 'Operational Creditor' initiated the CIRP in collusion with the Directors. The Adjudicating Authority admitted the application under Section 9 of the I&B Code on May 2, 2017. The appellant sought to recall this order. The Adjudicating Authority rejected the appellant's prayer on October 3, 2017, stating it lacked the power to recall the May 2nd order. The appellant then appealed to the NCLAT. The appellant argued that 'Citrus Check Inns Limited' is not a 'Corporate
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The Adjudicating Authority rejected the…
The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) against 'Citrus Check Inns Limited'. The appellant, claiming to be an investor in the company, filed an intervention petition before the Adjudicating Authority (NCLT Mumbai Bench) alleging that the CIRP was initiated fraudulently by the Operational Creditor in collusion with the Directors. The Adjudicating Authority rejected the appellant's prayer to recall the order admitting the application under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The appellant then filed an appeal against this rejection.
Amod Amladi, claiming to be an investor in 'Citrus Check Inns Limited', filed an intervention petition before the NCLT Mumbai Bench, alleging that the initiation of the Corporate Insolvency Resolution Process (CIRP) against 'Citrus Check Inns Limited' was fraudulent. The appellant contended that the 'Operational Creditor' initiated the CIRP in collusion with the Directors. The Adjudicating Authority admitted the application under Section 9 of the I&B Code on May 2, 2017. The appellant sought to recall this order. The Adjudicating Authority rejected the appellant's prayer on October 3, 2017, stating it lacked the power to recall the May 2nd order. The appellant then appealed to the NCLAT. The appellant argued that 'Citrus Check Inns Limited' is not a 'Corporate
…The Adjudicating…
The Adjudicating Authority rejected the…