The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has dismissed the appeal filed by the appellant under Section 61 of the Insolvency and BankruptcyCode, 2016 (IBC), holding that mere shareholder status does not confer locus standi as a “person aggrieved” under Section 61.
This appeal arises from the order passed by the NCLT, whereby the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by JM Financial Credit Solutions Ltd. (Respondent and Financial Creditor) against Hem Infrastructure and Property Developers Pvt. Ltd. (the corporate debtor) was admitted.
The dispute originated in six financial facilities sanctioned by JM Financial between 2017 and 2022, aggregating to…