# In the matter of Abhijit Bhattacharjee vs. COSR Ventures

> NCLAT judgment dated 2024-12-11. Citation: TCN-2024-NCLAT-00033. The Company Appeal was preferred by the Appellant, the Suspended Director of Corporate Debtor…

- **Court:** NCLAT
- **Order date:** 11 Dec 2024
- **Citation:** TCN-2024-NCLAT-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/abhijit-bhattacharjee-vs-cosr-ventures-44f60906

## Summary

### Background

The Company Appeal was preferred by the Appellant, the Suspended Director of Corporate Debtor Lumiford Private Ltd, against the Impugned Order of 10.06.2024, passed by the Ld. NCLT, Hyderabad Bench in CP (IB) No.167/9/HDB/2023, which admitted a petition under Section 9 of I & B Code and declared a moratorium under Section 14. The Resolution Professional filed IA No. 1177/2024 seeking directions to restrain the Respondent/Erstwhile Management from hindering the Corporate Insolvency Resolution Process (CIRP).

## Facts

Abhijit Bhattacharjee, the Suspended Director of Lumiford Private Ltd, filed a Company Appeal against an order passed by the NCLT Hyderabad Bench, which admitted a petition under Section 9 of the I&B Code and declared a moratorium. The Resolution Professional filed an application (IA No. 1177/2024) seeking directions to restrain the Respondent/Erstwhile Management from hindering the CIRP. The Respondents' Counsel opposed the stay, citing the appellant's admission of default under the agreement. An interim order had previously been passed, keeping all proceedings in abeyance. The Resolution Professional's application sought to restore the powers to conduct the affairs of the Corporate Debtor. The COC had already been constituted.

## Issues and analysis

### Issue 1: Whether the relief sought by the Resolution Professional in IA No. 1177/2024 can be granted, …

**Ratio:** The principle is that an interim order of a court must be respected and its implications

…

**Reasoning:** The Tribunal reasoned that granting the relief sought by the Resolution Professional

…

**Interpretation:** The interpretation is that an interim order is a temporary measure intended to

…

**Application:** In this case, the interim order had kept all proceedings related to the CIRP in

…

## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Abhijit Bhattachar…
- **Respondents:** Lumiford Private…; M/s. COSR V…
- **Advocates:** Arvind…; Priyank…; +2 more

## Timeline

- **2023-01-01 — CP (IB) No.167/9/HDB/202…**: CP (IB) No.167/9/HDB/2023 filed…
- **2024-06-10 — Impugned…**: Ld. NCLT, Hyderabad Bench passed the Impugned Order admitting the petition under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/abhijit-bhattacharjee-vs-cosr-ventures-44f60906