Section 65 of Code which relates to penal provision not only covers initiation of CIRP under Section 7 or 9 or 10 but will also cover Fast Track CIRP, if initiated under Section 55 to 58 of the Code – SREI Infrastructure Finance Ltd. Vs. Right Tower Pvt. Ltd. & Anr. – NCLAT New Delhi
NCLAT held that the CIRP can be initiated under Section 7 or Section 9 or Section 10 of Code. Section 55 to 58 of Code also relates to initiation of CIRP known as Fast Track CIRP. Section 65 of Code which relates to penal provision not only covers initiation of CIRP under Section 7 or 9 or 10 but will also cover Fast Track CIRP, if initiated under Section 55 to 58 of the Code. Such being the position, any person (he may either a shareholder or a creditor or a debtor or a financial creditor or a corporate debtor) may intervene and may bring the facts to the notice of the Adjudicating Authority. So far as the Respondent (Intervener) is concerned, we leave the question open for Adjudicating Authority to decide the issues as raised and alleged by the 2nd Respondent (Intervener) keeping in mind the question of maintainability of the application as raised by the Appellant.
