ELEGNA CO-OP. HOUSING AND COMMERCIAL SOCIETY LTD. versus EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED & ANR.

Case summary from SCR

Issue for Consideration Issue arose whether the NCLAT was correct in admitting Corporate Debtor into the Corporate Insolvency Resolution Process; and whether the NCLAT was correct in rejecting the Intervention application filed by Code, 2016 – ss.5(8)(f), 7, 7(5)(a) – Corporate Insolvency Resolution Process (CIRP) – Admission of the Corporate Debtor into CIRP – Locus standi to intervene in proceedings u/s.7 – Appellant-Corporate debtor availed financial assistance of Rs.70 crores from