{"id":254112,"date":"2021-09-13T14:30:14","date_gmt":"2021-09-13T09:00:14","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=254112"},"modified":"2021-09-13T14:31:23","modified_gmt":"2021-09-13T09:01:23","slug":"nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/","title":{"rendered":"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Appellate Tribunal (NCLAT):<\/strong> The Coram of Justice Jarat Kumar Jain, Judicial Member and Dr Ashok Kumar Mishra, Technical Member while dismissing as appeal released the Corporate Debtor Company from the rigours of CIRP, and allowed the Board to function through its Board of Directors from immediate effect. The Appellate Tribunal also remitted back the matter to the Adjudicating Authority to decide the fees and costs of CIRP payable to IRP, to be borne by the Corporate Debtor.<\/p>\n<p style=\"text-align: justify;\">In the instant matter, K. Srinivas Krishna, the Suspended Director of Corporate Debtor, filed an appeal against the order passed by the Adjudicating Authority before the Appellate Tribunal. Further, a civil appeal was filed before the Supreme Court challenging the Appellate Tribunal\u2019s impugned order. The appeal was dismissed on the ground that the claim of the Operational Creditor for Rs, 50,32,028 was not tenable and other claim was paid. Further, the interim stay passed by the Tribunal was vacated and IRP was directed to take further action against the CIRP. Further, the objections raised by the Operational Creditor were rejected by the adjudicating authority on the grounds of material error, where the form FA (application for withdrawal of CIRP) was not signed by the Operational Creditor (applicant) on whose application CIRP was initiated. Therefore, the application was dismissed for not being maintainable. \u00a0Being aggrieved by the order, the Suspended Director of the Company filed an appeal where the impugned order was challenged.<\/p>\n<p style=\"text-align: justify;\">The Tribunal was of the opinion that, to prevent abuse of process, setting aside the impugned order and the order of initiating CIRP against the Corporate Debtor was more conducive. Therefore, the Corporate Debtor Company was released from the rigours of the CIRP and was allowed to function through its Board of Directors from immediate effect.<\/p>\n<p style=\"text-align: justify;\">Further, the Tribunal remitted back the matter to the Adjudicating Authority to decide the fees and costs of CIRP payable to IRP which shall be borne by the Corporate Debtor.[K. Srinivas Krishna v. Shyam Arora, Company Appeal (AT) (Insolvency) No. 221 of 2021, decided on 02-09-2021]<\/p>\n<hr \/>\n<p><span style=\"color: #003300;\">Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\">Counsel for the Parties:<\/p>\n<p style=\"text-align: justify;\">For Appellant :<\/p>\n<p style=\"text-align: justify;\">Mr. P Nagesh, Sr. Advocate with Mr. Srinivas Kotni, Mr. Shantam Gorwara, Advocates and Mr. Srinivas Krishna, in person.<\/p>\n<p style=\"text-align: justify;\">For Respondents :<\/p>\n<p style=\"text-align: justify;\">Mr. Shyam Arora, Respondent No. 1 in person, Mr. Sharad Tyagi, Mr. K. Gayatri, Advocates for Respondent No. 1. 2<\/p>\n<p style=\"text-align: justify;\">Mr. Sanjay Kapur, Mr. V M Kannan, Ms. Shubhra Kapur, and Mr. Arjun Bhatia, Advocates for Respondent No. 2.<\/p>\n<p style=\"text-align: justify;\">Dr. Laxhmi Narashimha, Advocate for RP.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Dr Ashok Kumar Mishra, Technical Member <\/p>\n","protected":false},"author":67011,"featured_media":153604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,30596,44110,29785,22014],"class_list":["post-254112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-corporate-debtor","tag-irp","tag-law","tag-nclat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated | 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\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Dr Ashok Kumar Mishra, Technical Member\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-13T09:00:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-13T09:01:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"844\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\"},\"headline\":\"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated\",\"datePublished\":\"2021-09-13T09:00:14+00:00\",\"dateModified\":\"2021-09-13T09:01:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/\"},\"wordCount\":443,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"keywords\":[\"CIRP\",\"Corporate Debtor\",\"IRP\",\"law\",\"NCLAT\"],\"articleSection\":[\"Case Briefs\",\"Tribunals\\\/Commissions\\\/Regulatory Bodies\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/\",\"name\":\"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"datePublished\":\"2021-09-13T09:00:14+00:00\",\"dateModified\":\"2021-09-13T09:01:23+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/08\\\/NCLAT.jpg\",\"width\":1330,\"height\":844},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/09\\\/13\\\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\",\"name\":\"Editor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g\",\"caption\":\"Editor\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_4\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/","og_locale":"en_US","og_type":"article","og_title":"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated","og_description":"National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Dr Ashok Kumar Mishra, Technical Member","og_url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2021-09-13T09:00:14+00:00","article_modified_time":"2021-09-13T09:01:23+00:00","og_image":[{"width":1330,"height":844,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Editor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/"},"author":{"name":"Editor","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe"},"headline":"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated","datePublished":"2021-09-13T09:00:14+00:00","dateModified":"2021-09-13T09:01:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/"},"wordCount":443,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","keywords":["CIRP","Corporate Debtor","IRP","law","NCLAT"],"articleSection":["Case Briefs","Tribunals\/Commissions\/Regulatory Bodies"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/","url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/","name":"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","datePublished":"2021-09-13T09:00:14+00:00","dateModified":"2021-09-13T09:01:23+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","width":1330,"height":844},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/nclat-refusal-to-sign-form-fa-a-material-irregularity-but-the-other-relevant-considerations-to-not-initiate-cirp-gains-primacy-abuse-of-process-obviated\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NCLAT | Refusal to sign Form FA- A material irregularity but the other relevant considerations to not initiate CIRP gains primacy-Abuse of process obviated"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/84e42bab48238baf12c7e33b3d9761fe","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/34e366be721c41333586de05faa13743195f5b142dcd7a015c6fabd2389521d0?s=96&d=mm&r=g","caption":"Editor"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_4\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":296343,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/08\/corporate-debtor-cannot-constitute-committee-of-creditors-with-a-single-operational-creditor-under-ibc-nclat\/","url_meta":{"origin":254112,"position":0},"title":"Corporate Debtor cannot constitute Committee of Creditors with a single Operational Creditor under IBC: NCLAT","author":"Ritu","date":"July 8, 2023","format":false,"excerpt":"NCLAT held that CIRP be closed with respect to the Corporate Debtor since not a single \u2018Claim' was received by the IRP even after the public announcement.","rel":"","context":"In &quot;Case Briefs&quot;","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\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":281251,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/07\/nclat-sets-aside-application-of-withdrawal-of-section-9-of-ibc-legal-news-legal-research-updates\/","url_meta":{"origin":254112,"position":1},"title":"NCLAT sets aside Section 7 IBC application; lets Section 9 application run its due course","author":"Editor","date":"January 7, 2023","format":false,"excerpt":"The Tribunal stated that if the withdrawal of the Section 9 Admission order was upheld and CIRP were to start afresh from the date of admission of the Section 7 Application, it would have resulted in an inadequate insolvency resolution of the corporate debtor.","rel":"","context":"In &quot;Case Briefs&quot;","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\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"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":254112,"position":2},"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 &quot;Case Briefs&quot;","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":297687,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/26\/irp-rp-cannot-seek-unpaid-fees-costs-members-corporate-debtor-insolvency-nclat-scc-blog-legal-news\/","url_meta":{"origin":254112,"position":3},"title":"In project wise insolvency, IRP\/RP cannot seek unpaid Fees\/Costs from members of CoCs of another project of Corporate Debtor: NCLAT","author":"Ritu","date":"July 26, 2023","format":false,"excerpt":"The NCLAT held that the appellant has no Locus Standi to make claim for any unpaid Fees\/Costs from the members of the CoCs, as he is neither the RP in the project nor is connected with another project.","rel":"","context":"In &quot;Case Briefs&quot;","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\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":262217,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/22\/can-application-filed-under-s-951-read-with-s-601-ibc-be-rejected-on-ground-that-no-corporate-insolvency-resolution-process-was-pending-against-corporate-debtor-nclat-addresses\/","url_meta":{"origin":254112,"position":4},"title":"Can application filed under S. 95(1) read with S. 60(1) IBC be rejected on ground that no Corporate Insolvency Resolution Process was pending against Corporate Debtor? NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","rel":"","context":"In &quot;Case Briefs&quot;","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":253407,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/30\/nclat-personal-properties-of-the-corporate-debtor-cannot-be-realised-by-sale-transfer-in-the-cirp-nclt-and-nclat-at-odds-order-stands-quashed\/","url_meta":{"origin":254112,"position":5},"title":"NCLAT | Personal properties of the Corporate Debtor cannot be realised by sale\/transfer in the CIRP-NCLT and NCLAT at odds \u2013Order stands quashed","author":"Editor","date":"August 30, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): Justice A.I.S Cheema (The Officiating Chairperson) and Dr. Alok Srivastava (Technical Member)while allowing an appeal, quashed NCLT\u2019s order and rejected the Resolution Plan so approved along with the consequences which would have arisen thereafter. The pertinent matter was filed against the impugned Order of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/254112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=254112"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/254112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=254112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=254112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=254112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}