{"id":173954,"date":"2017-12-07T11:40:28","date_gmt":"2017-12-07T06:10:28","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=173954"},"modified":"2018-01-20T12:09:37","modified_gmt":"2018-01-20T06:39:37","slug":"a-promoter-has-no-right-to-challenge-voting-rights","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/07\/a-promoter-has-no-right-to-challenge-voting-rights\/","title":{"rendered":"A promoter has no right to challenge voting rights"},"content":{"rendered":"

National Company Law Appellate Tribunal:<\/strong> In a recent order passed by S.J. Mukhopadhaya, Chairperson and Bansi Lal Bhagat J., Member\u00a0 regarding the appeal of the petitioner, who claims to be a promoter, regarding excessive voting rights given to L&T Finance (Financial Creditor).<\/p>\n

The brief facts being that the National Company Law Tribunal (NCLT) had directed the Resolution Professional to grant proportionate rights to L&T, which had been challenged here in this case by the appellant regarding the rights granted not to be just and proper.<\/p>\n

It was held by this Tribunal, that the appellant, who was found to be a promoter\/director of the corporate debtor, had no locus standi to challenge the voting rights of any financial creditor. It was also held that with respect to Section 29-A of the Insolvency and Bankruptcy Code, 2016, that the appellant was not a \u2018connected person\u2019 to file the case. Hence, no relief was granted and the appeal was dismissed, since the Tribunal found no merit in the present appeal. [Gurdeep Singh Sahani v. Berger Paints India Limited, 2017 SCC OnLine NCLAT 437<\/a>, decided on 30-11-2017]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal: In a recent order passed by S.J. Mukhopadhaya, Chairperson and Bansi Lal Bhagat J., Member\u00a0 regarding the <\/p>\n","protected":false},"author":91,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[25934,25924,19271],"class_list":["post-173954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-financial-creditor","tag-promoter","tag-voting-rights"],"yoast_head":"\nA promoter has no right to challenge voting rights | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/07\/a-promoter-has-no-right-to-challenge-voting-rights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A promoter has no right to challenge voting rights\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal: In a recent order passed by S.J. 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