The appeal was filed against an order dated 03.05.2024, which admitted an application under Section 7 of the Code, 2016 by Stressed Assets Stabilization Fund (Financial Creditor) against Krystal Stone Exports Ltd. (Corporate Debtor). The Corporate Debtor, Krystal Stone Exports Ltd., filed the appeal through one of its directors, Mr. B.D Agarwal, authorized by a board resolution dated 01.12.2023. A preliminary objection was raised regarding the maintainability of the appeal, arguing that it was filed by the CD through its director authorized by the board resolution dated 01.12.2023.
Stressed Assets Stabilization Fund (Financial Creditor) initiated insolvency proceedings against Krystal Stone Exports Ltd. (Corporate Debtor) under Section 7 of the Code, 2016. The application was admitted on 03.05.2024. Krystal Stone Exports Ltd., through its director Mr. B.D Agarwal authorized by a board resolution dated 01.12.2023, filed an appeal against the admission order. The respondent raised a preliminary objection, arguing that the appeal was not maintainable because it was filed by the Corporate Debtor through its director. The respondent cited the Supreme Court's decision in Innoventive Industries Ltd. to support their argument that once an insolvency professional is appointed, the erstwhile directors cannot maintain an appeal on behalf of the company. The
…Sign in to view the parties.
Board resolution…
Application under Section 7 of the Code, 2016…
The appeal was filed against an order dated 03.05.2024, which admitted an application under Section 7 of the Code, 2016 by Stressed Assets Stabilization Fund (Financial Creditor) against Krystal Stone Exports Ltd. (Corporate Debtor). The Corporate Debtor, Krystal Stone Exports Ltd., filed the appeal through one of its directors, Mr. B.D Agarwal, authorized by a board resolution dated 01.12.2023. A preliminary objection was raised regarding the maintainability of the appeal, arguing that it was filed by the CD through its director authorized by the board resolution dated 01.12.2023.
Stressed Assets Stabilization Fund (Financial Creditor) initiated insolvency proceedings against Krystal Stone Exports Ltd. (Corporate Debtor) under Section 7 of the Code, 2016. The application was admitted on 03.05.2024. Krystal Stone Exports Ltd., through its director Mr. B.D Agarwal authorized by a board resolution dated 01.12.2023, filed an appeal against the admission order. The respondent raised a preliminary objection, arguing that the appeal was not maintainable because it was filed by the Corporate Debtor through its director. The respondent cited the Supreme Court's decision in Innoventive Industries Ltd. to support their argument that once an insolvency professional is appointed, the erstwhile directors cannot maintain an appeal on behalf of the company. The
…Board resolution…
Application under Section 7 of the Code, 2016…