# In the matter of Shree Ganesh Jewellery House (I) Ltd. Vs. Abhishek Stock Broking Services Pvt. Ltd. & Ors. CA (AT) (Insolvency) No. 78-2018

> NCLAT judgment dated 2018-03-22. Citation: TCN-2018-NCLAT-00335. The appeal was preferred by Shree Ganesh Jewellery House (I) Ltd. (‘Corporate Debtor’)…

- **Court:** NCLAT
- **Order date:** 22 Mar 2018
- **Citation:** TCN-2018-NCLAT-00335
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shree-ganesh-jewellery-house-i-ltd-vs-abhishek-stock-broking-services-pvt-ltd-or-e04a51e1

## Summary

### Background

The appeal was preferred by Shree Ganesh Jewellery House (I) Ltd. (‘Corporate Debtor’) against the order dated 12th February, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, whereby the application preferred by the Respondents- Abhishek Stock Broking Services Pvt. Ltd. and 3 Others (‘Financial Creditors’) under section 7 of the Insolvency and Bankruptcy Code, 2016 has been admitted, order of ‘Moratorium’ has been passed and ‘Interim Resolution Professional’ has been appointed with certain directions.

## Facts

Shree Ganesh Jewellery House (I) Ltd. filed an appeal against an order passed by the Adjudicating Authority (NCLT, Kolkata Bench) on February 12, 2018. The order admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Abhishek Stock Broking Services Pvt. Ltd. and 3 Others (Financial Creditors). The Adjudicating Authority also passed an order of ‘Moratorium’ and appointed an ‘Interim Resolution Professional’. The appellant's counsel sought time to substitute the appellant with Mr. Abhishek Kumar, Director of the ‘Corporate Debtor’, but failed to file the application. The court noted that the appeal was filed by the Corporate Debtor through its suspended Board of Directors.

## Issues and analysis

### Issue 1: Whether the appeal filed by the Corporate Debtor through its suspended Board of Directors is …

**Ratio:** An appeal under Section 61 of the Insolvency and Bankruptcy Code by the ‘Corporate

…

**Reasoning:** The court relied on the Supreme Court's decision in 'Innoventive Industries Ltd. v. ICICI

…

**Interpretation:** The interpretation is that after the admission of an application under Section

…

**Application:** In this case, the appeal was filed by Shree Ganesh Jewellery House (I) Ltd.

…

## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Respondents:** Shree Ganesh…; Abhishek Stock…

## Timeline

- **2018-02-12 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata,…
- **2018-03-07 — Time Granted for…**: Time was granted to the learned counsel for the Appellant on 7th March, 2018, to file an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/shree-ganesh-jewellery-house-i-ltd-vs-abhishek-stock-broking-services-pvt-ltd-or-e04a51e1