Can Adjudicating Authority recall the CIRP admission order? – Vidyadhar Sarfare and Anr. Vs. CS Anagha Anasingharaju and Ors. – NCLAT New Delhi
Hon’ble NCLAT held that:
(i) In the present case, Section 7 Application has been filed by Respondent Nos.6 to 9 and unless an Application is filed by the Applicant, who has initiated Section 7 Application, compliance of Section 12A read with Section 30A, cannot be made.
(ii) In a case where Adjudicating Authority comes to the conclusion that ingredients of Section 65 are attracted, i.e. Application has been filed with fraudulent or/ with malicious intent for the purpose other than the resolution of the Corporate Debtor, the Adjudicating Authority may impose on such person penalty.