The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Kochi Bench, which directed the appellant, Inkel Limited, to be impleaded in CIRP proceedings initiated under Section 9 of the I&B Code against Seguro Foundations and Structures Pvt. Ltd. The appellant contends that it was impleaded as an additional corporate debtor without prior notice, violating principles of natural justice. The CIRP proceedings were initiated by Shaji Mathew, an operational creditor, against Seguro Foundations, which the appellant claims is one of its subsidiaries. The NCLT order was based on the appellant's major shareholding (65%) and managerial control over Seguro Foundations.
Inkel Limited, the appellant, holds a 65% share in Seguro Foundations and Structures Pvt. Ltd., the corporate debtor and Respondent No. 2. Shaji Mathew, Respondent No. 1, initiated CIRP against Seguro Foundations under Section 9 of the I&B Code. The NCLT, Kochi Bench, passed an order on 2020-11-26 in IA No.187/KOB/2020 impleading Inkel Limited as an additional corporate debtor. Inkel Limited was not given prior notice before being impleaded. Inkel Limited contends that Seguro Foundations is its subsidiary and that it was forced to invest in the company due to heavy losses caused by the erstwhile Managing Director, Mr. Rajeev C Vijayan. Inkel Limited initiated criminal and arbitration proceedings against Mr. Vijayan. The NCLT relied on the case of Mamatha Vs AMB
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NCLT, Kochi Bench, passed an order in IA…
Inkel Limited…
The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Kochi Bench, which directed the appellant, Inkel Limited, to be impleaded in CIRP proceedings initiated under Section 9 of the I&B Code against Seguro Foundations and Structures Pvt. Ltd. The appellant contends that it was impleaded as an additional corporate debtor without prior notice, violating principles of natural justice. The CIRP proceedings were initiated by Shaji Mathew, an operational creditor, against Seguro Foundations, which the appellant claims is one of its subsidiaries. The NCLT order was based on the appellant's major shareholding (65%) and managerial control over Seguro Foundations.
Inkel Limited, the appellant, holds a 65% share in Seguro Foundations and Structures Pvt. Ltd., the corporate debtor and Respondent No. 2. Shaji Mathew, Respondent No. 1, initiated CIRP against Seguro Foundations under Section 9 of the I&B Code. The NCLT, Kochi Bench, passed an order on 2020-11-26 in IA No.187/KOB/2020 impleading Inkel Limited as an additional corporate debtor. Inkel Limited was not given prior notice before being impleaded. Inkel Limited contends that Seguro Foundations is its subsidiary and that it was forced to invest in the company due to heavy losses caused by the erstwhile Managing Director, Mr. Rajeev C Vijayan. Inkel Limited initiated criminal and arbitration proceedings against Mr. Vijayan. The NCLT relied on the case of Mamatha Vs AMB
…NCLT, Kochi Bench, passed an order in IA…
Inkel Limited…