If either an operational creditor or a financial creditor file a CIRP application against a corporate debtor, can another financial creditor/operational creditor oppose admission of a CIRP application? Or is the right to oppose admission of a CIRP application only available to corporate debtor?
While NCLT is required to provide the corporate debtor an opportunity to defend itself and oppose admission of a CIRP application. However, a financial creditor has no right to intervene and oppose admission of a CIRP application filed by any other creditor. See, for example, L&T Infrastructure Finance Company Pvt Ltd v Gwalior Bypass Project Limited and Others, NCLAT New Delhi, Company Appeal (AT) (Insolvency) No. 676 of 2019.