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The appellant lacked locus standi to challenge the admission order passed by the Adjudicating Authority on a Section 7 application filed by SREI Equipment Finance Limited against the corporate debtor for default in repayment of a Rs. 300 crore loan. The appellant's case was based on a Share Purchase Agreement with two shareholders of the corporate debtor, which could not be implemented due to the Enforcement Directorate's attachment of the land. The appellant had agreed to repay the corporate debtor's loan amount through a Settlement Award. However, the debt and default were not denied by either the corporate debtor or the appellant. Since the debt and default were admitted facts, the Adjudicating Authority did not err in admitting the Section 7 application. The appeal was dismissed.
The appellant lacked locus standi to challenge the admission order passed by the Adjudicating Authority on a Section 7 application filed by SREI Equipment Finance Limited against the corporate debtor for default in repayment of a Rs. 300 crore loan. The appellant's case was based on a Share Purchase Agreement with two shareholders of the corporate debtor, which could not be implemented due to the Enforcement Directorate's attachment of the land. The appellant had agreed to repay the corporate debtor's loan amount through a Settlement Award. However, the debt and default were not denied by either the corporate debtor or the appellant. Since the debt and default were admitted facts, the Adjudicating Authority did not err in admitting the Section 7 application. The appeal was dismissed.
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