The Appellant, claiming to be an investor of M/s. Royal Twinkle Star Club Limited, filed an intervention petition before the Adjudicating Authority (NCLT Mumbai) alleging that the initiation of Corporate Insolvency Resolution Process (CIRP) against Royal Twinkle Star Club Limited was a nullity. The appellant contended that the initiation under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) was made fraudulently by the Operational Creditor in collusion with the Directors. The appellant sought to recall the order dated 2nd May, 2017, by which the Adjudicating Authority admitted the application under Section 9.
The Appellant, Anant Kajare, is an investor in M/s. Royal Twinkle Star Club Limited. The Adjudicating Authority (NCLT Mumbai) initiated Corporate Insolvency Resolution Process (CIRP) against Royal Twinkle Star Club Limited based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Appellant filed an intervention petition seeking to recall the order admitting the application, alleging fraud and claiming that the company is not a Corporate Debtor. The Adjudicating Authority rejected the Appellant's prayer. The Appellant then appealed to the NCLAT. The order initiating CIRP was dated 2nd May, 2017. The Adjudicating Authority rejected the recall application on 3rd October, 2017. The Appellant argued that the Operational Creditor
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The Hon'ble Supreme Court upheld the Appellate…
The Adjudicating…
The Appellant, claiming to be an investor of M/s. Royal Twinkle Star Club Limited, filed an intervention petition before the Adjudicating Authority (NCLT Mumbai) alleging that the initiation of Corporate Insolvency Resolution Process (CIRP) against Royal Twinkle Star Club Limited was a nullity. The appellant contended that the initiation under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) was made fraudulently by the Operational Creditor in collusion with the Directors. The appellant sought to recall the order dated 2nd May, 2017, by which the Adjudicating Authority admitted the application under Section 9.
The Appellant, Anant Kajare, is an investor in M/s. Royal Twinkle Star Club Limited. The Adjudicating Authority (NCLT Mumbai) initiated Corporate Insolvency Resolution Process (CIRP) against Royal Twinkle Star Club Limited based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Appellant filed an intervention petition seeking to recall the order admitting the application, alleging fraud and claiming that the company is not a Corporate Debtor. The Adjudicating Authority rejected the Appellant's prayer. The Appellant then appealed to the NCLAT. The order initiating CIRP was dated 2nd May, 2017. The Adjudicating Authority rejected the recall application on 3rd October, 2017. The Appellant argued that the Operational Creditor
…The Hon'ble Supreme Court upheld the Appellate…
The Adjudicating…