A Judicial Perspective on Locus Standi in Insolvency and Bankruptcy Code Cases

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... National Company Law Appellate Tribunal (NCLAT), Chennai Bench, offers a profound examination of locus standi in the context of the Insolvency and Bankruptcy Code 2016 (IBC). This case, involving a financial creditor and a corporate debtor, provides an essential commentary on the procedural and substantive aspects of insolvency law in India, particularly focusing on the standing of parties to ini....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....request to safeguard a bank guarantee were dismissed, leading to legal ramifications under Section 74(3) of the IBC​​. * Involvement of the Supreme Court: The case escalated to the Supreme Court, where a financial creditor's appeal against a specific order was dismissed​​. * Further NCLT Proceedings: The RP sought an extension of the Corporate Insolvency Resolut....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Role and Standing of Financial Creditors The initiation of the case by a financial creditor under the IBC highlights their recognized standing in insolvency proceedings. The IBC accords specific rights and responsibilities to financial creditors, including the ability to initiate insolvency proceedings and play a crucial role in the decision-making processes of the CoC. Challenges to Resolutio....