TMI BlogA Judicial Perspective on Locus Standi in Insolvency and Bankruptcy Code CasesX X X X Extracts X X X X X X X X Extracts X X X X ..... ction A landmark case before the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, offers a profound examination of locus standi in the context of the Insolvency and Bankruptcy Code 2016 (IBC). This case, involving a financial creditor and a corporate debtor, provides an essential commentary on the procedural and substantive aspects of insolvency law in India, particularly focus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication for an extension to implement the plan and a request to safeguard a bank guarantee were dismissed, leading to legal ramifications under Section 74(3) of the IBC. Involvement of the Supreme Court : The case escalated to the Supreme Court, where a financial creditor's appeal against a specific order was dismissed. Further NCLT Proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ements, especially in the realm of financial creditors and corporate debtors. The Role and Standing of Financial Creditors The initiation of the case by a financial creditor under the IBC highlights their recognized standing in insolvency proceedings. The IBC accords specific rights and responsibilities to financial creditors, including the ability to initiate insolvency proceedings and play ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions within the framework of the IBC. Conclusion This case serves as a critical legal precedent in understanding the nuances of locus standi within the ambit of the IBC. It underscores the importance of recognized legal standing in insolvency proceedings, reinforcing the structured approach towards resolution and liquidation processes. Full Text : 2024 (1) TMI 733 - NATIONAL ..... X X X X Extracts X X X X X X X X Extracts X X X X
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