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        Case ID :
        IBC

        NCLAT allowed the appeal and set aside the impugned order dated...

        Appeal allowed: Withdrawal of CIRP set aside for misrepresentation, omission of homebuyers, and failure to meet Section 12A approval

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT allowed the appeal and set aside the impugned order dated 14.05.2024, holding that the withdrawal of the CIRP was vitiated by material misrepresentation and suppression of facts. The Tribunal found the IRP failed to give effective public notice and to include a class of homebuyers as financial creditors, resulting in an incomplete CoC and selective settlement by the ex-management. The IRP's false assertion that no CoC existed enabled withdrawal without the statutory 90% approval under Section 12A, amounting to fraud on the adjudicating authority. Given prima facie proof of fraud and the prejudice to omitted creditors, recall of the withdrawal order was warranted and the appeal was allowed.
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