# In the matter of Abhijit Bhattacharjee, Suspended Director of the Corporate Debtor M/s. Lumiford Private Ltd Vs M/s. COSR Ventures

> NCLAT judgment dated 2024-10-24. Citation: TCN-2024-NCLAT-00143. The case involves an appeal against the initiation of Corporate Insolvency Resolution Process…

- **Court:** NCLAT
- **Order date:** 24 Oct 2024
- **Citation:** TCN-2024-NCLAT-00143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/abhijit-bhattacharjee-suspended-director-of-the-corporate-debtor-ms-lumiford-pri-115fbf91

## Summary

### Background

The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Lumiford Private Ltd. The appellant, Abhijit Bhattacharjee, is the suspended director of the corporate debtor. The appellant approached the Hon'ble Apex Court, claiming adjournments and lack of progress in the matter. The Apex Court directed the Tribunal to consider the appellant's application for a stay. The respondents opposed the stay application, citing non-service of the application. The Tribunal considered the arguments and the grounds for interim application.

## Facts

Abhijit Bhattacharjee, the suspended director of Lumiford Private Ltd. (the Corporate Debtor), filed an appeal against the initiation of CIRP. The appellant claimed that there were 8 adjournments in the matter and that the Tribunal had not taken up the matter. The Hon'ble Apex Court directed the Tribunal to consider the appellant's application for a stay. The appellant then filed IA No. 1047/2024 for a stay. The respondents, M/s. COSR Ventures & Anr., opposed the stay application, arguing that the copy of the stay application had not been served upon them and citing a consistent betrayal by the appellant of the agreements. The Tribunal considered the arguments regarding the existence of an operational debt and a pre-existing dispute. The Tribunal noted that the

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## Issues and analysis

### Issue 1: Whether the Tribunal should grant a stay on the CIRP proceedings initiated against the Corporate …

**Ratio:** The principle of maintaining the status quo to prevent the appeal from becoming

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**Reasoning:** The Tribunal considered the arguments from both sides, including the respondents'

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**Interpretation:** The Tribunal interpreted the need to balance the interests of both parties and

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**Application:** The Tribunal applied the principle of maintaining the status quo by granting a

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Abhijit Bhattachar…
- **Respondents:** Lumiford Private…; M/s. COSR…

## Timeline

- **2024-06-28 — Matter A…**: The matter has been consistently argued on…
- **2024-10-18 — Apex Court Di…**: The Hon'ble Apex Court directed the Tribunal to consider the appellant's application for…

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