Vitol S.A. filed an appeal against the order dated 29.05.2020 passed by the National Company Law Tribunal, Indore Bench at Ahmedabad, Court – I, in I.A. – 212/2019 in I.A. 458/2018 in TP 161/2019 in CP (IB) 19 of 2017. Vitol S.A. sought to intervene in the proceedings filed by the Liquidator of the 'Corporate Debtor' vide I.A.458/2018, which was filed by the Liquidator seeking clarification as to whether he is allowed to scrutinise and investigate the transactions executed by the Directors of the 'Corporate Debtor' beyond two years prior to the date of ICD and also to see the relevant documents from the Promoters. The Adjudicating Authority rejected the prayer for impleadment on the ground that there was no provision in the Insolvency and Bankruptcy Code, 2016, that
…Vitol S.A. sought to intervene in proceedings initiated by the liquidator of Asian Natural Resources (India) Limited, the 'Corporate Debtor'. The liquidator sought clarification on whether they could scrutinize transactions by the 'Corporate Debtor's' directors beyond two years before the insolvency commencement date (ICD) and access relevant promoter documents. Vitol S.A. based its intervention request on alleged fraud by the 'Corporate Debtor's' suspended board, citing an international arbitration award and a forensic report by KPMG. The Adjudicating Authority rejected Vitol S.A.'s intervention request, citing the lack of provisions in the Insolvency and Bankruptcy Code (IBC) for impleading operational creditors who did not initiate the Corporate Insolvency
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Vitol S.A. filed an appeal against the order dated 29.05.2020 passed by the National Company Law Tribunal, Indore Bench at Ahmedabad, Court – I, in I.A. – 212/2019 in I.A. 458/2018 in TP 161/2019 in CP (IB) 19 of 2017. Vitol S.A. sought to intervene in the proceedings filed by the Liquidator of the 'Corporate Debtor' vide I.A.458/2018, which was filed by the Liquidator seeking clarification as to whether he is allowed to scrutinise and investigate the transactions executed by the Directors of the 'Corporate Debtor' beyond two years prior to the date of ICD and also to see the relevant documents from the Promoters. The Adjudicating Authority rejected the prayer for impleadment on the ground that there was no provision in the Insolvency and Bankruptcy Code, 2016, that
…Vitol S.A. sought to intervene in proceedings initiated by the liquidator of Asian Natural Resources (India) Limited, the 'Corporate Debtor'. The liquidator sought clarification on whether they could scrutinize transactions by the 'Corporate Debtor's' directors beyond two years before the insolvency commencement date (ICD) and access relevant promoter documents. Vitol S.A. based its intervention request on alleged fraud by the 'Corporate Debtor's' suspended board, citing an international arbitration award and a forensic report by KPMG. The Adjudicating Authority rejected Vitol S.A.'s intervention request, citing the lack of provisions in the Insolvency and Bankruptcy Code (IBC) for impleading operational creditors who did not initiate the Corporate Insolvency
…International Arbitration Award dated…
The Bombay High Court…
Sign in to view related legal provisions.