https://www.taxtmi.com/caselaws?id=784264 Shareholders challenged admission of CIRP under s.7 IBC and dismissal of their application under ss.60(5) and 65 IBC, raising maintainability and fraud. On locus standi, NCLAT held s.61 IBC permits an appeal by "any person aggrieved"; shareholders adversely affected by CIRP are aggrieved persons, particularly where fraud is alleged; the appeal was held maintainable. On fraudulent initiation, NCLAT found the AA admitted insolvency mechanically without scrutinising that the financial creditor and corporate debtor were related parties with common management/directors, non-disclosure to shareholders contrary to SEBI LODR, and suppression of AGM rejection of related-party matters, indicating collusion and abuse of IBC to prejudice public shareholders; CIRP admission was set aside, costs imposed on the financial creditor, and the matter referred to IBBI regarding the RP's conduct. en-us Mon, 15 Dec 2025 00:00:00 +0530 Thu, 01 Jan 2026 08:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784264 Shareholders challenged admission of CIRP under s.7 IBC and dismissal of their application under ss.60(5) and 65 IBC, raising maintainability and fraud. On locus standi, NCLAT held s.61 IBC permits an appeal by "any person aggrieved"; shareholders adversely affected by CIRP are aggrieved persons, particularly where fraud is alleged; the appeal was held maintainable. On fraudulent initiation, NCLAT found the AA admitted insolvency mechanically without scrutinising that the financial creditor and corporate debtor were related parties with common management/directors, non-disclosure to shareholders contrary to SEBI LODR, and suppression of AGM rejection of related-party matters, indicating collusion and abuse of IBC to prejudice public shareholders; CIRP admission was set aside, costs imposed on the financial creditor, and the matter referred to IBBI regarding the RP's conduct. Case-Laws IBC Mon, 15 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784264