Fraudulent and malicious initiation of CIRP can be recalled: NCLAT Delhi

Advertisement Acute Daily Media Pvt. Ltd. & Ors. Vs Rockman Advertising and Marketing (India) Ltd. & Ors. (NCLAT Delhi) NCLAT Delhi held that in case there is fraudulent and malicious initiation of Corporate Insolvency Resolution Proceedings [CIRP], adjudicating authority has jurisdiction under the IBC to recall CIRP admission order. Facts- The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellants arises out of the Order dated 12.06.2024 passed by the Adjudicating Authority. By the impugned order, the Adjudicating Authority has allowed applic...