https://www.taxtmi.com/caselaws?id=764980 NCLAT upheld the Adjudicating Authority's recall of its order under Rule 11 of NCLT Rules. The original order disposing of a Section 7 petition was based on misrepresentation by the Corporate Debtor, who falsely claimed homebuyers lacked requisite percentage under 2nd proviso to Section 7(1) IBC. The Corporate Debtor suppressed evidence that homebuyers had filed affidavits with MAHARERA certificates proving compliance. NCLAT held that when an Adjudicating Authority relies on distorted facts due to misrepresentation, it can invoke inherent powers to prevent abuse of process. The recall was justified as the original order was not decided on merits but influenced by procedural errors and false submissions. en-us Tue, 21 Jan 2025 00:00:00 +0530 Thu, 23 Jan 2025 08:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764980 NCLAT upheld the Adjudicating Authority's recall of its order under Rule 11 of NCLT Rules. The original order disposing of a Section 7 petition was based on misrepresentation by the Corporate Debtor, who falsely claimed homebuyers lacked requisite percentage under 2nd proviso to Section 7(1) IBC. The Corporate Debtor suppressed evidence that homebuyers had filed affidavits with MAHARERA certificates proving compliance. NCLAT held that when an Adjudicating Authority relies on distorted facts due to misrepresentation, it can invoke inherent powers to prevent abuse of process. The recall was justified as the original order was not decided on merits but influenced by procedural errors and false submissions. Case-Laws IBC Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764980