In a recent ruling the Supreme Court of India has dismissed an appeal filed by suspended director of Ambro Asia Private Limited, ruling that the appeal was “wholly incompetent” and incapable of being cured by amendment.
The matter started from insolvency proceedings initiated by Unox S.P.A., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. On 18 April 2024, the National Company Law Tribunal (NCLT), New Delhi Bench admitted the application and appointed Piyush Moona as Interim Resolution Professional (IRP). From that date, the management of the corporate debtor vested solely in the IRP under Section 17(1)(a) of the Code.
Despite this,the applicant,Nitendra Kumar…