2019 (11) TMI 1443 - AT - IBC

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 ... Substitution of Appellant by ‘V. K. Abdul Rahim’, Shareholder and Managing Director of the Corporate Debtor in place of Original Appellant – ‘M/s Sargam Builders Pvt. Ltd.’ - transposition of Corporate Debtor ‘M/s Sargam Builders Pvt. Ltd. through Interim Resolution Professional’ - HELD THAT:- Having regard to the dictum of Hon’ble Supreme Court in M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT] disposed on 31st August, 2017, ‘V. K. Abdul Rahim’ is substituted as Appellant and ‘M/s Sargam Builders Pvt. Ltd. through Interim Resolution Professional’ is transposed as 2nd Respondent. Learned counsel for the Appellant to carry out necessary corrections in the cause title and the paper book in course of day. I. A. No. 3902 of 2019 stands disposed of. 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.