2019 (3) TMI 350

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....l) For The Appellant : Mr. Ankit, Representative For The Respondent : Mr. Rajiv S. Roy, Mr. Avrojyoti Chatterjee, Mr. Abhijit S. Roy, Ms. Jayasree Saha and Mr. Prateek Kushwaha, Advocates ORDER This appeal has been preferred by 'M/s Radius Infratel Pvt. Ltd.' (Corporate Debtor) against order dated 23rd July, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Principal ....

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....rieved by the impugned order as their management right of the Company has been taken away and as they are otherwise affected as shareholders of the Company. According to us, once an insolvency professional is appointed to manage the Company, the erstwhile Directors who are no longer in management, obviously cannot maintain an appeal on behalf of the Company. In the present case, the Company is the....

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....', which is not maintainable in view of the decision of the Hon'ble Supreme Court in "Innoventive Industries Ltd. Vs. ICICI Bank and Ors., [(2018) 1 SCC 407] (Civil Appeals Nos. 8337-38 of 2017)" (Para 11). Learned counsel for the appellant prays for and allowed a week's time to file application by one of the shareholder of the 'Corporate Debtor' for substituting him as appellant and to transpose ....

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....ion for substitution, if any, filed in the meantime." 4. Inspite of time allowed to the counsel for the Appellant no affidavit having filed nor any petition for substitution filed by any shareholder of the Corporate Debtor. In this background, on 9th October, 2018 we passed following order:- ORDER 09.10.2018- Learned counsel for the Appellant seeks and is allowed extension of time by one week....