https://www.taxtmi.com/caselaws?id=432181 The Tribunal dismissed the appeal by M/s. Vitol S.A. seeking to intervene in insolvency proceedings beyond operational creditors triggering CIRP, as the Code lacked provision for such impleadment. Despite allegations of fraud by the suspended Board of Directors and being the largest creditor, the Tribunal upheld the rejection, stating the Appellant was not a necessary party. Legal precedents were cited, but the Tribunal focused on the lack of statutory support for impleading creditors beyond CIRP initiators, leading to the appeal's dismissal without costs. en-us Mon, 28 Nov 2022 00:00:00 +0530 Fri, 30 Dec 2022 09:52:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432181 The Tribunal dismissed the appeal by M/s. Vitol S.A. seeking to intervene in insolvency proceedings beyond operational creditors triggering CIRP, as the Code lacked provision for such impleadment. Despite allegations of fraud by the suspended Board of Directors and being the largest creditor, the Tribunal upheld the rejection, stating the Appellant was not a necessary party. Legal precedents were cited, but the Tribunal focused on the lack of statutory support for impleading creditors beyond CIRP initiators, leading to the appeal's dismissal without costs. Case-Laws Insolvency and Bankruptcy Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432181