# In the matter of Asish Chakraborty Suspended Board Of Directors of Yibeal Tradex Pvt. Ltd. Vs Visun Services Llp & Anr

> NCLAT judgment dated 2024-08-01. Citation: TCN-2024-NCLAT-00286. The case involves a Company Appeal (AT) (Insolvency) No. 1193 of 2024 before the National…

- **Court:** NCLAT
- **Order date:** 1 Aug 2024
- **Citation:** TCN-2024-NCLAT-00286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/asish-chakraborty-suspended-board-of-directors-of-yibeal-tradex-pvt-ltd-vs-visun-704b9fd7

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 1193 of 2024 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appellant is Asish Chakraborty, representing the Suspended Board of Directors of Yibeal Tradex Pvt. Ltd. The respondents are Visun Services LLP & Anr. The appeal concerns a matter related to insolvency proceedings.

## Facts

Asish Chakraborty, representing the Suspended Board of Directors of Yibeal Tradex Pvt. Ltd., filed an appeal against Visun Services LLP & Anr. before the NCLAT. The appellant's counsel was directed to deposit Rs. 1.7 Crores in the Court within three weeks, to be held in an interest-bearing account under the Registrar, NCLAT. An issue notice was given, with a two-week deadline for a reply. The CoC can proceed, but Form-G is restricted. The appeal is listed for August 30, 2024. The deposit of Rs. 1.7 Crores is a key fact, suggesting a financial aspect central to the appeal. The restriction on Form-G indicates a specific concern regarding the asset sale process.

## Issues and analysis

### Issue 1: Whether the appellant should be directed to deposit …

**Ratio:** The court has the power to issue interim orders to protect the interests of the parties

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**Reasoning:** The court directed the deposit of Rs. 1.7 Crores to ensure that funds are available

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**Interpretation:** This directive is interpreted as a measure to maintain the status quo and

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**Application:** The ratio is applied to the specific facts by ordering the appellant to deposit

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Asish Chakr…
- **Respondents:** Yibeal Tradex…; Visun Servi…

## Timeline

- **2024-08-01 — Order Da…**: Court directs appellant to deposit…
- **N/A — Issue No…**: Court issues notice, reply to…

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