Financial Creditor who does not attend the proceeding, cannot be heard in saying that CIRP has wrongly been conducted – Consolidated Finvest & Holdings Ltd. Vs. Subhash Kumar Kundra, RP – CLC Industries Ltd. & Ors. – NCLAT New Delhi
In this case, the Appellant was challenging the entire process which was not legally done hence prayer was madeto issue fresh EoI and Appellant does not want liquidation of the Corporate Debtor but was interested in resolution of the Corporate Debtor. Out of sixteen CoC meeting, only in one CoC meeting, the Appellant attended and neither he voted in any agenda nor raised any objection regarding the process. NCLAT held that Financial Creditor of the Corporate Debtor have been given rights as per IBC to take steps for resolution of the Corporate Debtor and financial creditor who does not attend the proceeding, can not be heard in saying that process has wrongly been conducted.
