Jamshedpur, Dec 3: The Supreme Court on Friday 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
The court asked Shashi Agarwal’s counsel whether he wanted his appeal to be heard in the Supreme Court or in the Insolvency and Bankruptcy Board of India ( IBBI). To this Shashi Agarwal’s counsel said that if he is directed to approach IBBI, he will withdraw his appeal.
On this, Bhagwati Singh’s advocate Akhilesh Srivastava, representing the Jamshedpur workers, told the court that there are very serious allegations against Shashi Aggarwal. He increased the total liabilities of Incab from Rs 21.63 crore to Rs 2339 crore as directed by the Delhi High Court.
Kolkata workers’ advocate Rishabh Banerjee said that he is not a party to the proceedings of IBBI. On this, the court ruled that in the proceedings of IBBI, the workers of Incab would be parties and would be able to present their side in that proceedings. The court then asked the Incab workers to file their own affidavits with the IBBI within 15 days.
Simultaneously, Shashi Agarwal’s advocate was allowed to withdraw Shashi Agarwal’s appeal no. 2209-10/2021. After this, the court proposed to keep Kamala Mills’s appeal hearing last, on which Kamala Mills’s advocate Mukul Rohatgi prayed to adjourn its hearing till Monday, citing his busyness.
The court, accepting the prayer of Kamala Mills’s counsel, fixed the next hearing for Monday, December 6. It is known that advocates Akhilesh Srivastava, Avnish Singha, Sanjeev Mahanti, PS Chandralekha and Akash Sharma participated on behalf of the employees of Jamshedpur.