https://www.taxtmi.com/caselaws?id=760128 NCLAT dismissed appeal challenging refusal to acknowledge debt assignment from related party to third party. Related party creditor, whose claim was admitted but excluded from CoC due to related party status, attempted to assign debt to bring assignee into CoC. Tribunal found assignment agreement was contingent on assignee receiving CoC membership and was malafide attempt to circumvent related party restrictions. Email evidence showed assignor sought confirmation that assignee would be treated as non-related party. NCLAT upheld lower court's finding that assignment was designed to create hurdles and delay CIRP proceedings, citing Phoenix ARC precedent. en-us Thu, 30 May 2024 00:00:00 +0530 Wed, 16 Oct 2024 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760128 NCLAT dismissed appeal challenging refusal to acknowledge debt assignment from related party to third party. Related party creditor, whose claim was admitted but excluded from CoC due to related party status, attempted to assign debt to bring assignee into CoC. Tribunal found assignment agreement was contingent on assignee receiving CoC membership and was malafide attempt to circumvent related party restrictions. Email evidence showed assignor sought confirmation that assignee would be treated as non-related party. NCLAT upheld lower court's finding that assignment was designed to create hurdles and delay CIRP proceedings, citing Phoenix ARC precedent. Case-Laws IBC Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760128