Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the initiation of corporate insolvency resolution process against Lotus Three Developments Limited. An impleadment application was filed by Respondent Nos. 1 and 2 to be included as party-respondents. The Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, ordered to implead these respondents as party-respondents. The appellant challenged this order before the NCLAT.
Axis Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Lotus Three Developments Ltd. Respondent Nos. 1 and 2 filed an impleadment application seeking to be included as party-respondents. The Adjudicating Authority allowed the impleadment application. The appellant, Axis Bank Ltd., challenged the order of the Adjudicating Authority before the National Company Law Appellate Tribunal (NCLAT). The respondents were shareholders and personal guarantors of the Corporate Debtor. The key fact is whether shareholders and personal guarantors are necessary parties at the stage of admission or rejection of an application under Section 7 of the I&B Code.
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The Adjudicating Authority (National Company…
The appellant – Axis Bank Limited filed an…
Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the initiation of corporate insolvency resolution process against Lotus Three Developments Limited. An impleadment application was filed by Respondent Nos. 1 and 2 to be included as party-respondents. The Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, ordered to implead these respondents as party-respondents. The appellant challenged this order before the NCLAT.
Axis Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Lotus Three Developments Ltd. Respondent Nos. 1 and 2 filed an impleadment application seeking to be included as party-respondents. The Adjudicating Authority allowed the impleadment application. The appellant, Axis Bank Ltd., challenged the order of the Adjudicating Authority before the National Company Law Appellate Tribunal (NCLAT). The respondents were shareholders and personal guarantors of the Corporate Debtor. The key fact is whether shareholders and personal guarantors are necessary parties at the stage of admission or rejection of an application under Section 7 of the I&B Code.
The Adjudicating Authority (National Company…
The appellant – Axis Bank Limited filed an…