# In the matter of V. R. Hemantraj Vs. Stanbic Bank Ghana Ltd. & Anr. CA (AT) No. 213-2018

> NCLAT judgment dated 2018-05-16. Citation: TCN-2018-NCLAT-00275. The case is an appeal related to insolvency proceedings. During the pendency of the appeal,…

- **Court:** NCLAT
- **Order date:** 16 May 2018
- **Citation:** TCN-2018-NCLAT-00275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/v-r-hemantraj-vs-stanbic-bank-ghana-ltd-anr-ca-b2ee4dde

## Summary

### Background

The case is an appeal related to insolvency proceedings. During the pendency of the appeal, the Resolution Professional is responsible for ensuring the company's continued operation and can seek assistance from the suspended Board of Directors if needed. Individuals authorized to sign bank cheques can continue to do so, but only with the authorization of the Resolution Professional. The bank accounts of the Corporate Debtor are permitted to be used for day-to-day operations, including payments for suppliers, salaries, wages, and electricity bills.

## Facts

V.R. Hemantraj filed a Company Appeal (AT) (Insolvency) No. 213 of 2018 against Stanbic Bank Ghana Ltd. & Anr. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The court issued a notice to the respondents, which was accepted by their advocates. The respondents were directed to file their reply affidavits within two weeks, and the appellant was given one week to file a rejoinder, if any. The court also directed that during the pendency of the appeal, the Resolution Professional will ensure that the company remains on-going and if so necessary may take assistance of the (suspended) Board of Directors. The persons who are authorised to sign the bank cheques may issue cheques but only after authorization of the ‘Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Professional should oversee the company's operations during the pendency of …

**Ratio:** The Resolution Professional is responsible for ensuring the company remains operational

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**Reasoning:** The court emphasizes the need for the company to continue functioning during the appeal

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**Interpretation:** This ensures that the company's operations are not unduly disrupted during the

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**Application:** The Resolution Professional is directed to take necessary steps to ensure the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** V.R. HEMA…
- **Respondents:** STANBIC BANK…
- **Advocates:** Mohan Par…; Pawan Jh…; +9 more

## Timeline

- **2018-05-16 — Issue No…**: Notice was issued to the respondents, and their advocates accepted the notice on their…
- **2018-07-10 — Next Hearin…**: The matter was scheduled to…

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