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Section 5(24)(m)(i),Insolvency and Bankruptcy Code, 2016

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Can a lender with pervasive contractual control over a corporate debtor be excluded from its Committee of Creditors as a related party?

Debenture Holder with Pervasive Control Over Corporate Debtor Excluded from Committee of Creditors as Related Party

ECL Finance Ltd. and Anr. vs Abhinaw Mukherjee and Ors.

Insolvency and Bankruptcy Law / Committee of Creditors / Related Party Exclusion Verified

The Supreme Court dismissed the appeals of ECL Finance Ltd. and IDBI Trusteeship Services Ltd., upholding their exclusion from the Committee of Creditors as related parties under Section 5(24)(m)(i) read with Section 21(2) of the Insolvency and Bankruptcy Code, 2016.

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