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NCLAT dismissed the appeal filed under Section 61 IBC by the appellant, a shareholder and preference shareholder of the corporate debtor, challenging the NCLT order admitting the Section 7 application and initiating CIRP. Relying on the larger Bench decision in Park Energy, the Tribunal held that a shareholder, even a majority or preference shareholder, without contractual debt rights or direct legal injury, is not a "person aggrieved" under Section 61 and has no locus to appeal. NCLAT further held that the corporate debtor's liability as a corporate guarantor constituted a valid financial debt in default, and the admission order suffered from no legal or procedural infirmity.
NCLAT dismissed the appeal filed under Section 61 IBC by the appellant, a shareholder and preference shareholder of the corporate debtor, challenging the NCLT order admitting the Section 7 application and initiating CIRP. Relying on the larger Bench decision in Park Energy, the Tribunal held that a shareholder, even a majority or preference shareholder, without contractual debt rights or direct legal injury, is not a "person aggrieved" under Section 61 and has no locus to appeal. NCLAT further held that the corporate debtor's liability as a corporate guarantor constituted a valid financial debt in default, and the admission order suffered from no legal or procedural infirmity.
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