# In the matter of Vitol S.A. Vs. Mr. Abhishek  & Ors. Nagori, Company Appeal (AT)(Insolvency) No. 792 of 2020

> NCLAT judgment dated 2022-11-28. Citation: TCN-2022-NCLAT-00065. Vitol S.A. filed an appeal against the order dated 29.05.2020 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLAT-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vitol-sa-vs-mr-abhishek-ors-nagori-company-appeal-59a88073

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's prayer for impleadment …

**Ratio:** The legal principle applied is that the Insolvency and Bankruptcy Code (IBC) does not

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**Reasoning:** The court reasoned that there is no provision in the Code that allows for the impleadment

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**Interpretation:** The interpretation of the IBC is that it restricts the right to be impleaded as

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**Application:** The court applied this principle to the facts of the case, noting that Vitol

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## Parties

- **Judges:** Anant Bijay…; Shreesha…
- **Appellants:** Vitol…
- **Respondents:** Asian Natural…; Abhishek…

## Timeline

- **2011-01-11 — International…**: International Arbitration Award dated 11.01.2011 was issued against the 'Corporate…
- **2014-09-15 — Bombay High Co…**: The Bombay High Court made the…

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