2018 (4) TMI 532

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsi Lal Bhat, JJ. For The Appellant : Mr. Mukul Kumar Gupta and Mr. N.K. Singh, Advocates For The Respondent : Ms. Anju Jain and Mr. Hitesh Sachar, Advocates Mr. Sumnish Kr. Jain, RP ORDER This appeal has been preferred by the Corporate Debtor - Veebro Technoplast Private Limited against order dated 22nd September, 2017 passed by the Adjudicating Authority (National Company Law Tribuna....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ebtor approached and requested the Financial Creditor to help them out. Thereafter, on different dates as per the table mentioned at Part IV of the application (Form I), sum of Rs. 51,750,000/- was disbursed by the Financial Creditors which include sum of Rs. 25,00,000 given by one Mr. Vinay Lakra. Therefore, the arguments advanced by the appellant that no amount be given to the Corporate Debtor c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 sole appellant. This being the ....