https://www.taxtmi.com/caselaws?id=791316 In a Section 7 insolvency proceeding, a third party has no locus standi to intervene or seek recall of the admission order after the statutory appellate remedy has expired. Recall is confined to narrow grounds such as patent lack of jurisdiction, fraud, collusion, non-service of a necessary party, or analogous fundamental procedural defects, and cannot be used as a substitute for review or appeal. A recall application filed more than two years after admission, without satisfactory explanation, was treated as barred by delay and laches. The objection based on the allottee threshold under the second and third provisos to Section 7 was not accepted, as the claim was treated as financial debt and the threshold was not shown to be applicable. en-us Thu, 07 May 2026 00:00:00 +0530 Sat, 09 May 2026 07:13:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791316 In a Section 7 insolvency proceeding, a third party has no locus standi to intervene or seek recall of the admission order after the statutory appellate remedy has expired. Recall is confined to narrow grounds such as patent lack of jurisdiction, fraud, collusion, non-service of a necessary party, or analogous fundamental procedural defects, and cannot be used as a substitute for review or appeal. A recall application filed more than two years after admission, without satisfactory explanation, was treated as barred by delay and laches. The objection based on the allottee threshold under the second and third provisos to Section 7 was not accepted, as the claim was treated as financial debt and the threshold was not shown to be applicable. Case-Laws IBC Thu, 07 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791316