Recall of sec. 7 admission order as related party nexus between Financial Creditor and Corporate Debtor pierces corporate veil

Expert Realty Professionals Private Limited Vs Logix Infrastructure Private Limited (NCLAT Delhi) Conclusion: Section 7 application was initiated fraudulently and with malicious intent, in collusion between the Financial Creditor and the Corporate Debtor, for purposes other than genuine insolvency resolution. The order of the Adjudicating Authority allowing the Section 65 application was upheld. Held: Appellant, Expert Realty Professionals Pvt. Ltd. (Financial Creditor – FC), had entered into an unregistered MoU / Binding Understanding with Logix Infrastructure Pvt. Ltd. (Corporate Debtor �...