SC upholds Section 7 CIRP admission despite fraud allegations, dismisses appeal challenging resolution plan approval The SC dismissed an appeal challenging the admission of a corporate debtor into CIRP proceedings under Section 7 of the I&B Code. The appellant ...
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The SC dismissed an appeal challenging the admission of a corporate debtor into CIRP proceedings under Section 7 of the I&B Code. The appellant alleged malicious intention and fraud in the Section 7 application and contested the approved resolution plan. The SC found no grounds to interfere with the NCLAT Chennai order and upheld the tribunal's decision to admit the corporate debtor into the insolvency process.
The Supreme Court, with Hon'ble Justices J. B. Pardiwala and R. Mahadevan presiding, condoned the delay in filing the appeal. After hearing counsel and reviewing the record, the Court found "no reason to interfere with the impugned order passed by the National Company Law Appellate Tribunal, Chennai." Consequently, the appeal was dismissed, and all pending applications were disposed of.
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