One week for shareholder or director to seek substitution as appellant; Insolvency Resolution Professional to be transposed; interim reply due

NCLAT, applying SC authority, granted one week for an aggrieved person (shareholder/director) to seek substitution as appellant in place of the original corporate appellant. The tribunal permitted transposition of the original corporate appellant through an Insolvency Resolution Professional as third respondent. The second respondent was directed to file a reply affidavit on interim basis. Matter was adjourned for further hearing to 7 December 2017.

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In view of the Supreme Court decision in "Innoventive Industries Ltd. Vs. ICICI Bank and Ors, (Civil Appeal Nos. 8337-8338 of 2017)" disposed on 31st August, 2017, the Appellate Tribunal allowed one week for an "aggrieved person" (shareholder/director) to file an application for substitution as Appellant in place of M/s. Falcon Tyres Limited. The order also permits transposition of M/s. Falcon Tyres Limited through an "Insolvency Resolution Professional" as 3rd Respondent. The 2nd Respondent is directed to file a reply affidavit in the interim. The matter is listed for further hearing on 7th December, 2017.

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