https://www.taxtmi.com/caselaws?id=427964 A person claiming to have stepped into the shoes of the financial creditor may have locus to intervene in insolvency proceedings where pleadings show a direct interest in the subject property and security, and a summary rejection without examining those facts is unsustainable. Allegations that a section 7 insolvency petition was initiated collusively or fraudulently require consideration on merits, particularly where prior mortgage, enforcement and related proceedings are relied upon to question maintainability and bona fides. The matter must be assessed on the pleaded material, and allegations under the insolvency code cannot be brushed aside merely as a want of locus objection. en-us Mon, 19 Sep 2022 00:00:00 +0530 Wed, 21 Sep 2022 07:39:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427964 A person claiming to have stepped into the shoes of the financial creditor may have locus to intervene in insolvency proceedings where pleadings show a direct interest in the subject property and security, and a summary rejection without examining those facts is unsustainable. Allegations that a section 7 insolvency petition was initiated collusively or fraudulently require consideration on merits, particularly where prior mortgage, enforcement and related proceedings are relied upon to question maintainability and bona fides. The matter must be assessed on the pleaded material, and allegations under the insolvency code cannot be brushed aside merely as a want of locus objection. Case-Laws Insolvency and Bankruptcy Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427964