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NCLAT dismissed the appeal and upheld the Adjudicating Authority's relief setting aside the Section 7 proceedings. The Tribunal found prima facie back-dated and fabricated documents, conversion of earlier investments into alleged financial debt, and undisclosed related-party nexus between the Financial Creditor (FC) and the Corporate Debtor (CD) under s.5(24) of the IBC, establishing collusion to defraud other creditors. On piercing the corporate veil the Tribunal held the initiation of CIRP to be mala fide, allowing the respondents' s.65 application despite its late filing; fraud vitiates proceedings irrespective of CIRP stage. No infirmity was found in the AA's order and the appeal was dismissed.
NCLAT dismissed the appeal and upheld the Adjudicating Authority's relief setting aside the Section 7 proceedings. The Tribunal found prima facie back-dated and fabricated documents, conversion of earlier investments into alleged financial debt, and undisclosed related-party nexus between the Financial Creditor (FC) and the Corporate Debtor (CD) under s.5(24) of the IBC, establishing collusion to defraud other creditors. On piercing the corporate veil the Tribunal held the initiation of CIRP to be mala fide, allowing the respondents' s.65 application despite its late filing; fraud vitiates proceedings irrespective of CIRP stage. No infirmity was found in the AA's order and the appeal was dismissed.
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