Phoenix ARC Pvt. Ltd. initiated insolvency proceedings against Deegee Cotsyn Pvt. Ltd. ('Corporate Debtor') by filing an application. The Adjudicating Authority admitted the application on February 26, 2019, leading Deegee Cotsyn Pvt. Ltd. to file an appeal. The appeal was filed by the erstwhile Directors of Deegee Cotsyn Pvt. Ltd. The Respondent argued that the appeal was not maintainable at the instance of the 'Corporate Debtor' as per the decision of the Supreme Court in "Innoventive Industries Ltd. Vs. ICICI Bank". The counsel for the Appellant submitted that the Respondent is an assignee in terms of the provisions of SARFAESI Act, 2002. The court noted that once an insolvency professional is appointed to manage the Company, the erstwhile Directors who

Phoenix ARC Pvt. Ltd. initiated insolvency proceedings against Deegee Cotsyn Pvt. Ltd. ('Corporate Debtor') by filing an application. The Adjudicating Authority admitted the application on February 26, 2019, leading Deegee Cotsyn Pvt. Ltd. to file an appeal. The appeal was filed by the erstwhile Directors of Deegee Cotsyn Pvt. Ltd. The Respondent argued that the appeal was not maintainable at the instance of the 'Corporate Debtor' as per the decision of the Supreme Court in "Innoventive Industries Ltd. Vs. ICICI Bank". The counsel for the Appellant submitted that the Respondent is an assignee in terms of the provisions of SARFAESI Act, 2002. The court noted that once an insolvency professional is appointed to manage the Company, the erstwhile Directors who