# In the matter of Sanjay Saihgal, Suspended Director of Deccan Charters Pvt. Ltd. vs. Krone Finstock Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-04-10. Citation: TCN-2024-NCLAT-00517. The case is a Company Appeal (AT) (CH) (Ins) No.123/2024 filed at the National Company Law…

- **Court:** NCLAT
- **Order date:** 10 Apr 2024
- **Citation:** TCN-2024-NCLAT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sanjay-saihgal-suspended-director-of-deccan-charters-pvt-ltd-vs-krone-finstock-p-5dcfcb8d

## Summary

### Background

The case is a Company Appeal (AT) (CH) (Ins) No.123/2024 filed at the National Company Law Appellate Tribunal in Chennai. The appeal involves Sanjay Saihgal, the Suspended Director of Deccan Charters Pvt. Ltd., as the Appellant, and Krone Finstock Pvt. Ltd. & Anr. as the Respondent. The tribunal is addressing the matter under its appellate jurisdiction.

## Facts

Sanjay Saihgal, the Suspended Director of Deccan Charters Pvt. Ltd., has filed a Company Appeal (AT) (CH) (Ins) No.123/2024 against Krone Finstock Pvt. Ltd. & Anr. The 'Public Announcement' was issued on 08.04.2024 by the '2nd Respondent'/'Interim Resolution Professional', with the 'Last date' being 19.04.2024. The tribunal has instructed the 2nd Respondent/Interim Resolution Professional not to proceed further until the next hearing on 26.04.2024. The 1st Respondent/‘Financial Creditor' is required to file a 'Reply/Response/Counter' within four days. The Appellant can file a 'Rejoinder' after receiving the 1st Respondent's reply. The case is related to insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional should be allowed to proceed further with the …

**Ratio:** The tribunal has the power to issue interim orders to maintain the status quo and prevent

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**Reasoning:** The tribunal reasoned that allowing the Interim Resolution Professional to proceed

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**Interpretation:** This issue involves the interpretation of the powers of the appellate tribunal

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**Application:** The ratio and reasoning are applied to the specific facts of the case by

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## Parties

- **Judges:** M. Venu…; Sharad Kumar…; +1 more
- **Appellants:** Sanjay Sa…
- **Respondents:** Deccan Charters…; Krone Finstock…

## Timeline

- **2024-04-08 — Public Annou…**: The 'Public Announcement' was issued by the '2nd Respondent'/'Interim Resolution…
- **2024-04-10 — Tribunal H…**: The tribunal heard the Learned Senior Counsel for the Appellant and the Learned Senior…

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