CIRP Need Not Be Set Aside Merely Because S 9 Application Was Filed Fraudulenty : Supreme Court

The Supreme Court on Wednesday (September 30) held that, under the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority can recall the admission of a Section 9 insolvency application if the proceedings were initiated based on fraudulent or collusive jurisdictional facts. However, the Court clarified that such a finding of fraud does not automatically require…