Fraudulent Intent in CIRP: Concerns Over Big Business Exploiting IBC Against Smaller Firms in Recent Case.

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....Initiation of CIRP - fraudulent or malicious initiation of proceedings - Since, some collusion seems to be apparently existing to thwart the claim of the Corporate Debtor and other related issues. Impugned order dated 04th June, 2020 has not dealt with this IA and has dismissed on the ground that BMW India Pvt. Ltd/R2 in the IA No.300 of 2018 is not a party in the main petition no.167 of 2017. Although IBC is a summary proceeding but if large business houses with multiple business arms are allowed to disrupt on its whims & fancies small business firm then how IBC can promote entrepreneurship which is also its objective. - AT....