The Supreme Court recently in
Phoenix Arc Private
Limited v.
Spade Financial Services Ltd. and others
dealt with two sets of appeals being Civil Appeal No. 2842 of 2020
and Civil Appeal No. 3063 of 2020, arising from the judgment of the
NCLAT dated 27th January 2020 whereby it dismissed the appeal under
Section 61 of the IBC preferred by AAA Landmark Private Limited
( AAA ) and Spade Financial Services Private Limited
( Spade ) and held that they are related parties of the
Corporate Debtor ( AKME Projects Limited ). The appeal
before the NCLAT was to assail the order of NCLT dated 19th July
2019 whereby the NCLT held that the transactions between the
Financial Creditor Can Be Excluded From CoC If It Got Rid Of Related Party Label Only With Intention To Circumvent Bar Under Section 21(2) IBC : SC livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.