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Insolvency and BankruptcyJuly 12, 2021Case LawsTri
Seeking withdrawal of Corporate Insolvency Resolution Process - Locus of the application being shareholder of the corporate Debtor - a person who is aggrieved or whose interests are going to be prejudiced would prima facie have a locus to file an application as a stranger to the proceedings cannot approach. In the present case, this application has been filed by a joint shareholder and it has not been the case of Interveners that such joint shareholder is not having any interest in the subject matter. Therefore, the prima facie locus of the applicant gets established. - Tri
Seeking withdrawal of Corporate Insolvency Resolution Process - Locus of the application being shareholder of the corporate Debtor - a person who is aggrieved or whose interests are going to be prejudiced would prima facie have a locus to file an application as a stranger to the proceedings cannot approach. In the present case, this application has been filed by a joint shareholder and it has not been the case of Interveners that such joint shareholder is not having any interest in the subject matter. Therefore, the prima facie locus of the applicant gets established. - Tri
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