{"id":199784,"date":"2018-08-06T15:33:28","date_gmt":"2018-08-06T10:03:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=199784"},"modified":"2019-01-21T16:16:20","modified_gmt":"2019-01-21T10:46:20","slug":"insolvency-and-bankruptcy-board-of-india-not-an-aggrieved-person-has-no-locus-standi-to-file-appeal-under-section-61-ib-code-nclat","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/06\/insolvency-and-bankruptcy-board-of-india-not-an-aggrieved-person-has-no-locus-standi-to-file-appeal-under-section-61-ib-code-nclat\/","title":{"rendered":"IBBI not an \u2018aggrieved person\u2019; has no locus standi to file appeal under Section 61 I&B Code: NCLAT"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): <\/strong>A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial), while dismissing an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 held that Insolvency and Bankruptcy Board of India had no locus standi to file the appeal.<\/p>\n

The appeal was filed by the IBBI against the order passed by National Company Law Tribunal, Mumbai contending that the interpretation of Section 29A\u00a0 made therein by the Tribunal was not correct that resulted in selection of an ineligible Resolution Applicant and further approval of an ineligible resolution plan. The Appellate Tribunal noted that the IBBI is a regulatory body required to act in terms of Sections 196 and 240 I&B Code.<\/p>\n

At the outset, the Appellate Tribunal observed, IBBI could not be held to be an aggrieved person<\/em> under the Code. Further, it was held that the interpretation challenged as mentioned above may not be proper, but the IBBI had no locus standi to challenge the same. Referring to Section 30, the Board observed that it is the duty of the Resolution Professional to find out which resolution plans are in conformity with provisions of the Code. Further, in case of any wrong finding by the Adjudicating Authority (NCLT), it is the Resolution Professional, who represents the Corporate Debtor, to prefer an appeal under Section 61. While dismissing the appeal for the aforesaid reasons, liberty was given to IBBI to inform the Resolution Professional to move an appeal under Section 61. [Insolvency and Bankruptcy Board of India v. Wig Associates (P) Ltd.,\u00a02018 SCC OnLine NCLAT 386<\/b><\/a>, order dated 01-08-2018]<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. 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The Appellant filed an appeal on 08-07-2022 against the order of\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":112661,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/03\/08\/insolvency-and-bankruptcy-board-of-india-recognises-two-insolvency-professional-entities-under-insolvency-and-bankruptcy-code-2016\/","url_meta":{"origin":199784,"position":3},"title":"Insolvency and Bankruptcy Board of India recognises two Insolvency Professional Entities under Insolvency and Bankruptcy Code, 2016\u00a0","author":"Saba","date":"March 8, 2017","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) has recently recognised two Insolvency Professional Entities (IPEs) as under: S. No Name of IPE Constitution Address 1 IRR Insolvency Professionals Private Limited Limited Company D-55,\u00a0Defence Colony, New Delhi - 110024 2 AAA Insolvency Professionals LLP Limited Liability Partnership E-10A, Lower Ground\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":287006,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/16\/financial-creditor-application-section-7-cirp-corporate-debtor-nclat-shareholder-no-locus-standi-legal-research-news-scc-blog\/","url_meta":{"origin":199784,"position":4},"title":"Do Third-party\/shareholders have locus to challenge initiation of CIRP against Corporate Debtor? NCLAT answers","author":"Ritu","date":"March 16, 2023","format":false,"excerpt":"The NCLAT held that there is no law which allows a third party or shareholders to settle the claims of Financial Creditor on behalf of the Corporate Debtor, M\/s McDowell Holdings Limited.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":210278,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/19\/nclat-shareholder-of-company-locus-stands-to-file-petition-under-s-2523-of-companies-act-for-revival-of-the-company\/","url_meta":{"origin":199784,"position":5},"title":"NCLAT | Shareholder of company has locus standi to file petition under S. 252(3) of Companies Act for revival of the company","author":"Bhumika Indulia","date":"February 19, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Bench of Justice A.I.S Cheema, Member (Judicial) and Balvinder Singh, Member (Technical) observed that a shareholder of a company is entitled to file a petition for the revival of the company. 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