https://www.taxtmi.com/caselaws?id=314042 NCLAT dismissed an appeal seeking reconstitution of Committee of Creditors to include appellant as financial creditor. The tribunal upheld the adjudicating authority's rejection of appellant's claims under three assignment deeds, finding them non-genuine and sham transactions. Key factors included non-reflection of dues in balance sheets of both assignor and assignee companies, and evidence suggesting assignments were created to manipulate the corporate insolvency resolution process. The tribunal directed that all related documents be forwarded to Ministry of Corporate Affairs for investigation to prevent forum misuse and protect the Code's objectives. en-us Fri, 28 Jul 2023 00:00:00 +0530 Tue, 14 May 2024 19:14:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314042 NCLAT dismissed an appeal seeking reconstitution of Committee of Creditors to include appellant as financial creditor. The tribunal upheld the adjudicating authority's rejection of appellant's claims under three assignment deeds, finding them non-genuine and sham transactions. Key factors included non-reflection of dues in balance sheets of both assignor and assignee companies, and evidence suggesting assignments were created to manipulate the corporate insolvency resolution process. The tribunal directed that all related documents be forwarded to Ministry of Corporate Affairs for investigation to prevent forum misuse and protect the Code's objectives. Case-Laws Insolvency and Bankruptcy Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314042