Case of Peninsula Holdings and Investments Pvt Ltd vs JM Financial Credit Solutions Ltd, NCLAT Delhi Judgement Dated 29th October 2025. The appellate tribunal ruled that a shareholder is not a “person aggrieved” under Section 61 of the IBC and therefore lacks the standing (locus standi) to challenge the admission of a corporate debtor into the Corporate Insolvency Resolution Process (CIRP).