Clarion Health Food LLP Vs Goli Vada Pav Pvt Ltd (NCLAT Delhi)
NCLAT Delhi held that the Shareholders or Investors in CD are not to be treated as “person aggrieved” under the IBC. Thus, application filed by the shareholder under section 61 of the Insolvency and Bankruptcy Code is not maintainable
Facts- This appeal has been filed by Clarion Health Food LLP under section 61 of the Insolvency and Bankruptcy Code, 2016 challenging the Impugned Order of Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-II) passed on 05.09.2023 filed under the provisions of the Section 9 of the Code.
The Adjudicating Authority has admitted the petition filed by Vista Processed Foods Pvt. Ltd. (Respondent No.2/Operational Creditor) against Goli Vada Pav Pvt. Ltd. (Corporate Debtor) for the initiation of the CIRP under Section 9 of the Code, based on an operational debt of Rs. 3,56,04,233/- that the CD failed to pay.
Conclusion- The Shareholders or Investors in CD are not to be treated as “person aggrieved” under the IBC.
Held that the appellant being a shareholder of the company is not the “aggrieved party” as per the provisions of the Code. The appellant has no locus to file this appeal and the same is not maintainable. Accordingly, the appeal is dismissed. Pending I.As if any are closed. There would be no order as to costs.
