Jamshedpur: NCLAT hears Incab workers petition 

Jamshedpur, January 31: A bench comprising National Company Law Appellate Tribunal (NCLAT) chairman Justice Ashok Bhushan and technical member Varun Mitra heard appeal of Incab workers at Delhi on Tuesday.

Legal counsel on behalf of workers alleged that Resolution Professional had not discharged his duties as per the law and did not verify the creditors, illegally formed the committee of creditors, did not get the company’s assets valued, did not prepare the balance sheet, did not prepare the information memorandum and fraudulently got the company’s liquidation order passed in connivance with Ramesh Ghamandiram Gowani.

The Advocate further informed the Hon’ble Bench that in blatant disregard of the order dated 04.06.2021 of the  NCLAT, the new Resolution Professional Pankaj Tibrewal not only did not verify the liabilities but reinstated the same Committee of Creditors which the Hon’ble NCLAT had declared illegal.

They alleged that Pankaj Tibrewal neither prepared the balance sheet, nor got the company’s assets valued, nor prepared the information memorandum, and issued a fake expression of interest and got a fake resolution plan of Vedanta filed before the adjudicating authority.

After hearing both the parties, NCLAT while giving its verdict said that both the applications filed in NCLAT should be replaced by a fresh application with important prayers.

The Hon’ble Bench noted that the applications raised serious issues such as illegal appointment of CoC by the resolution professional, non-verification of liabilities, illegal sale of NPAs (non-performing assets) by ARCs and banks to private parties and non-maintenance of balance sheets.