Peninsula Holdings and Investments Pvt. Ltd Vs JM Financial Credit Solutions Limited (NCLAT Delhi)
NCLAT Delhi held that present appeal is not maintainable as shareholder is not a person aggrieved under section 61 of the Insolvency and Bankruptcy Code. Accordingly, order admitting CIRP u/s. 7 sustained.
Facts- This appeal has been preferred by Peninsula Holdings and Investments Pvt. Ltd. under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the Order dated 14.07.2025 passed by the National Company Law Tribunal, Mumbai. By the said order, the Adjudicating Authority admitted the application filed u/s. 7 of the Code by JM Financial Credit Solutions Limited (Financial Creditor) and Respondent No.1 herein, against Hem Infrastructure and Property Developers Pvt. Ltd.,(Corporate Debtor) thereby initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Rajesh Jhunjhunwala as the Interim Resolution Professional (IRP).
The Appellant, being a shareholder of the Corporate Debtor, has approached this Appellate Tribunal on the grounds that the order of admission suffers from grave factual and procedural errors; that no legally enforceable financial debt or valid guarantee existed; and the Adjudicating Authority failed to consider the commercial futility of initiating CIRP against a non-operational Special Purpose Vehicle (SPV) incapable of resolution under the Code. Mr. Rajesh Jhunjhunwala, IRP is the Respondent No.2 in this appeal.
