Rectification of defects in section 7 application - ambit of a ...
Insolvency and Bankruptcy
February 19, 2024
Rectification of defects in section 7 application - ambit of a Power of Attorney - Home Buyers - NCLT rejected the application for initiation of CIRP - The appellate tribunal directed the adjudicating authority to consider whether the authorization letters met the legal requirements for representing the appellants in the filing of the petition, including any requirements for attestation and compliance with the laws of the countries where appellants reside. - The appellate tribunal instructed the adjudicating authority to reassess whether the appellants met the threshold requirement for initiating CIRP, taking into account the rectified authorization letters and any additional evidence presented by the appellants.
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