NCLT dismisses application by ex-director of DSS Infrastructures seeking removal of Kautilya Finance and Kautilya Real Estate Fund from Committee of Creditors.
Tribunal holds financial creditors are not related parties under IBC, adopting reasoning from connected case involving principal borrower.
Application challenged Kautilya entities' CoC participation citing control over escrow accounts and project decisions through debenture arrangements.
Tribunal found no illegality in claim admission based on corporate guarantee and dismissed locus standi objections against suspended director.