Shareholders challenge allegedly collusive s.7 CIRP filing by related parties; appeal allowed, CIRP set aside, ₹25 lakh costs

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....Shareholders challenged a CIRP admission, raising locus standi and alleging fraudulent initiation by related parties. Interpreting s.61 IBC broadly, "any person aggrieved" includes shareholders affected by the AA's order; the appeal was held maintainable. On merits, the s.7 admission was found mechanical and lacking scrutiny of undisputed related-party links, common management, and AGM rejection of related-party transactions; delayed stock-exchange disclosure under SEBI LODR further supported collusion. The s.7 filing was held a collusive device for an ulterior purpose rather than genuine resolution, warranting intervention. CIRP was set aside, costs of Rs.25 lakhs imposed on the financial creditor, and the matter referred to IBBI regarding the RP's conduct. - NCLAT....