Mrs. Chitra Hankare

Individual shareholder does not have any locus-standi in the matter of Section 7 petition under IBC and cannot be allowed to be impleaded as Respondent – Rajeev Agnihotri Vs. Nirmal Kumar Jain and Ors. – NCLT Indore Bench

Hon’ble NCLT Indore Bench held that the applicant/intervener even being shareholder does not have any locus-standi in the matter of Section 7 petition and, therefore, cannot be allowed to be impleaded as respondent in Section 7 petition and in view thereof both the applications are not maintainable.

The Tribunal also held that an oppression & mismanagement matter and the submissions of the applicant/ intervener that he has also moved an arbitration as well would have no bearing to section 7 proceedings.

Individual shareholder does not have any locus-standi in the matter of Section 7 petition under IBC and cannot be allowed to be impleaded as Respondent – Rajeev Agnihotri Vs. Nirmal Kumar Jain and Ors. – NCLT Indore Bench Read Post »

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