https://www.taxtmi.com/caselaws?id=765532 NCLAT dismissed appeal challenging appellant's classification as related party of Corporate Debtor and removal from Committee of Creditors. Tribunal held that Resolution Professional has power to determine related party status of creditors since related parties cannot participate in CoC under Section 21(2) proviso. Appellant qualified as related party under Section 5(24)(i) and (j) as both appellant and Corporate Debtor were subsidiaries under Kanoria Foundation, which held 99.9% in appellant and 31% in Corporate Debtor through intermediary entities. The layered ownership structure established substantial control, making appellant ineligible for CoC participation. Adjudicating Authority's findings upheld. en-us Tue, 05 Nov 2024 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765532 NCLAT dismissed appeal challenging appellant's classification as related party of Corporate Debtor and removal from Committee of Creditors. Tribunal held that Resolution Professional has power to determine related party status of creditors since related parties cannot participate in CoC under Section 21(2) proviso. Appellant qualified as related party under Section 5(24)(i) and (j) as both appellant and Corporate Debtor were subsidiaries under Kanoria Foundation, which held 99.9% in appellant and 31% in Corporate Debtor through intermediary entities. The layered ownership structure established substantial control, making appellant ineligible for CoC participation. Adjudicating Authority's findings upheld. Case-Laws Companies Law Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765532