Whether an Intervention Application can be maintained during the pendency of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 at pre-admission stage – Vijayalaxmi Developers and Anr. – NCLT Mumbai Bench
Hon’ble NCLT Mumbai Bench referring judgments in Deb Kumar Mujumdar Vs. State Bank of India [2019] ibclaw.in 31 NCLAT, L&T Infrastructure Finance Company Ltd. Vs. Gwalior Bypass Project Ltd. (2019) ibclaw.in 394 NCLAT and Vekas Kumar Garg Vs DMI Finance Pvt. Ltd. & Anr. (2021) ibclaw.in 78 NCLAT held that the Intervention Application is pre-mature and cannot be entertained at the stage and the appropriate remedy available with the Petitioners/Applicants would lie only if at all, only after the Corporate Debtor is admitted into Insolvency and at that stage, the Petitioners/Applicants can approach NCLT in case any of their rights are infringed in respect of any property owned by them.