An appeal filed by the Corporate Debtor through its Director against CIRP admission order passed under Section 7 of the Code is not maintainable – Krystal Stone Exports Ltd. Vs. Stressed Assets Stabilization Fund and Anr. – NCLAT New Delhi
In this case, an application filed under Section 7 of the Code, 2016 by Financial Creditor against Corporate Debtor has been admitted by NCLT vide order dated 03.05.2024. An appeal against this order was filed by the Corporate Debtor through one of its directors who has been authorised by a board resolution dated 01.12.2023.
Hon’ble NCLAT referring the case in Innoventive Industries Ltd. v. ICICI Bank and Anr. (2017) ibclaw.in 02 SC held the appeal at the instance of the CD against the order of admission passed under Section 7 of the Code is not maintainable.