A Financial Creditor Cannot Challenge The Insolvency Proceedings Initiated By Another Financial Creditor On The Ground Of Superior Claim: NCLAT

The NCLAT while dismissing an appeal filed by L&T Infrastructure Finance Company Ltd. held that a Financial Creditor cannot challenge the order of admission of Insolvency petition by another financial creditor merely on the ground that it has a superior claim over the claim of the other Financial Creditors. In this case, an Agreement was executed between...