Shareholder Allowed to Replace Corporate Entity in Appeal, Making Debtor Second Respondent per Supreme Court Precedent. The Appellate Tribunal permitted the substitution of the original Appellant, a corporate entity, with its Shareholder and Managing Director, thereby ...
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Shareholder Allowed to Replace Corporate Entity in Appeal, Making Debtor Second Respondent per Supreme Court Precedent.
The Appellate Tribunal permitted the substitution of the original Appellant, a corporate entity, with its Shareholder and Managing Director, thereby transposing the Corporate Debtor as the second Respondent in the appeal. This decision aligned with the SC's precedent. The Appellant's counsel was instructed to amend the cause title and paper book accordingly. IA No. 3902 of 2019 was resolved.
The Appellate Tribunal allowed the substitution of the original Appellant 'M/s Sargam Builders Pvt. Ltd.' by 'V. K. Abdul Rahim', the Shareholder and Managing Director of the Corporate Debtor. The Corporate Debtor 'M/s Sargam Builders Pvt. Ltd. through Interim Resolution Professional' was transposed as the 2nd Respondent in the appeal, following the Supreme Court dictum in 'Innoventive Industries Ltd.' Vs. 'ICICI Bank & Ors.'. The necessary corrections in the cause title and paper book were directed to be carried out by the Appellant's counsel. IA No. 3902 of 2019 was disposed of.
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