PINAKI MAJUMDAR
Jamshedpur, Nov 18: The Supreme Court on Thursday took up a hearing on an appeal by Shashi Agarwal, the former liquidator of Jamshedpur-based ailing Incab Industries Limited.
Agarwal had challenged the June 4 order of the National Company Law Appellate Tribunal ( NCLAT ).
Another private entity Kamala Mills had also challenged the order in Supreme Court.
Shashi Agarwal’s counsel during today’s proceedings told the court that Agarwal had honestly formed the committee of creditors ( CoC) and told that Kamla Mills and Fasqa Investment Private Limited in the fifth meeting that they were related parties, so they will not have the right to vote.
The court asked Agarwal’s counsel whether Shashi Agarwal had informed the adjudicating officer of the National Company Law Tribunal (NCLT), Kolkata that Kamala Mills and Fasqa Investments were not the original creditors.
Shashi Agarwal’s counsel could not answer properly and when they requested the court to hear his full argument the court said it would hear the whole thing after investigating all allegations against Shashi Agarwal.
The court said if allegations are found true the court will not wait for the decision of Insolvency and Bankruptcy Board of India ( IBBI ), which has already initiated a probe.
The court asked Agarwal’s lawyer whether he would like to have a full argument on the merit of the case.
The court fixed the next date of hearing on November 29.
Sources in Incab said that it was a positive development and that things will be more clear in the next hearing on November 29.
Meanwhile, the next hearing on Incab at the NCLT is slated to take place next month.
Two companies– Tata Steel Long Products and Vedanta Steel have already submitted their expression of interest to the new resolution professional Pankaj Tibrewal, which are under scrutiny.
