In the matter of CYCLO Transmissions Ltd. Vs. Industrial Development Bank of India CA(AT)(Ins) No. 1449 of 2019

As the appeal is not maintainable at the instance of the ‘Corporate Debtor’ in view of the decision of the Hon’ble Supreme Court in “Innoventive Industries Ltd. Vs. ICICI Bank and Ors. – (2018) 1 SCC 407] (Para 11), an application for substitution of the one of the aggrieved person, ‘Pandurang Shinde’ Managing Director of the company (‘Corporate Debtor’) has been filed.

Having heard the learned counsel for the Appellant and learned counsel for the Respondent, the application for substitution is allowed. Let the name of the present appellant be substituted with ‘Pandurang Shinde’ as ‘Appellant’.

‘Cyclo Transmissions Limited’ (‘Corporate Debtor’) be transposed as 2nd Respondent through the Insolvency Resolution Professional. I.A. No. 4340 of 2019 stands disposed of.

An application has also been filed by the appellant for condonation of delay in refiling the appeal.

Having heard learned counsel for the appellant and being satisfied with the grounds, the delay in preferring the appeal is condoned. I.A. No. 4105 of 2019 stands disposed of.

[Justice S.J. Mukhopadhaya]

Chairperson

[ Justice Bansi Lal Bhat ]

Member (Judicial)