Corporate Debtor not fall under “Aggrieved Party”, Appeal Filed u/s 61 of IBC not Maintainable: NCLAT

The National Company Law Appellate Tribunal (NCLAT) ruled that a corporate debtor cannot be considered an “aggrieved party” under Section 61 of the Insolvency and Bankruptcy Code (IBC), making any appeal filed by them in such a capacity non-maintainable. This ruling stemmed from an appeal where the corporate debtor sought to challenge decisions in the insolvency process. NCLAT clarified that only stakeholders like financial creditors, operational creditors, or resolution applicants have the right to appeal decisions impacting the insolvency proceedings. The judgment helps delineate the role and rights of the corporate debtor in the IBC process and restricts their ability to file appeals unless they are directly affected by specific decisions during the resolution process.