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of <h1>NCLAT Chennai Examines Locus Standi Under IBC 2016: Emphasizes Legitimate Interest in Insolvency Proceedings.</h1> A significant case before the National Company Law Appellate Tribunal, Chennai Bench, examined locus standi under the Insolvency and Bankruptcy Code 2016 (IBC). It involved a financial creditor and a corporate debtor, focusing on the standing of parties in insolvency proceedings. The case traversed various legal forums, including the Supreme Court, addressing issues like resolution plan approval, challenges to the plan, and extensions of the Corporate Insolvency Resolution Process. The judiciary emphasized that only parties with a legitimate and direct interest have the standing to initiate or challenge actions under the IBC, reinforcing structured resolution processes.
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