SC: NCLT can recall an insolvency admission secured by fraud

On September 30, a bench of Justices P S Narasimha and Alok Aradhe held that the NCLT can recall an insolvency admission when the debt that gave it jurisdiction was fraudulently manufactured. Admission turns a CIRP into proceedings in rem, so in the Greenopolis case in Gurugram the court restored the process and left the NCLT to decide with the creditors and homebuyers whether it should continue expeditiously. (can recall an insolvency admission)

• On September 30, a bench of Justices P S Narasimha and Alok Aradhe held that the NCLT can recall an insolvency admission when the debt that gave it jurisdiction was fraudulently manufactured.
• Admission turns a CIRP into proceedings in rem, so in the Greenopolis case in Gurugram the court restored the process and left the NCLT to decide with the creditors and homebuyers whether it should continue expeditiously