https://www.taxtmi.com/caselaws?id=752370 The NCLAT dismissed appeals filed by a minor operational creditor holding 0.54% share challenging asset sale in CIRP proceedings. The court held the appellant lacked locus standi under Section 61 of IBC as they were not an aggrieved person. The appellant was represented through an operational creditor representative in the stakeholder consultation committee, made no objections to the draft report or valuation, and failed to intervene during earlier proceedings. Main stakeholders including financial creditors with 95% share raised no objections. The court found the e-auction sale followed due process with proper access to virtual data room provided to all bidders. en-us Tue, 07 May 2024 00:00:00 +0530 Thu, 09 May 2024 09:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752370 The NCLAT dismissed appeals filed by a minor operational creditor holding 0.54% share challenging asset sale in CIRP proceedings. The court held the appellant lacked locus standi under Section 61 of IBC as they were not an aggrieved person. The appellant was represented through an operational creditor representative in the stakeholder consultation committee, made no objections to the draft report or valuation, and failed to intervene during earlier proceedings. Main stakeholders including financial creditors with 95% share raised no objections. The court found the e-auction sale followed due process with proper access to virtual data room provided to all bidders. Case-Laws Insolvency and Bankruptcy Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752370