NCLT allows Interlocutory Application to add Inkel Limited as Additional Corporate Debtor along with the Corporate Debor Seguro foundations [Read Order]

NCLT - Interlocutory Application - Inkel Limited - Additional Corporate Debtor - Corporate Debor Seguro foundations - Taxscan

The National Company Law Tribunal (NCLT), Kerala allowed the Interlocutory Application under Section 9 of the Insolvency and Bankruptcy Code (&B Code) against M/s. Seguro Foundations and Structures Pvt Ltd to implead M/s Inkel Limited as Additional Corporate Debtor in the above application.

The applicant, Shaji Mathew submitted that he was appointed as the Project Manager by the Corporate Debtor for the modernization of Schools in Malappuram District. It was agreed upon by the Corporate Debtor that the applicant shall receive a consolidated salary of Rs.80,000 for the services he will provide in his capacity as a Project Manager.

The Corporate Debtor pursuant to the same has been making payments to the applicant. Despite the applicant’s efficient and diligent performance, the Corporate Debtor had abruptly stopped paying salary from the month of December, 2018 without providing any notice.

The Applicant has not been terminated from the employment nor has received any intimation from the Corporate Debtor providing reason for discontinuation of service. Consequently, the applicant had issued several reminders to the Corporate Debtor, requesting for the outstanding salary that is due to him.

However, there was no response to those reminders and correspondences initiated. Therefore, the applicant states that he is entitled to receive a total amount of Rs.10,40,000 from the month of December 2018 to December 2019 towards salary arrears along with 12% interest  per annum, totalling an amount of Rs.11,02,400.

The applicant  urged that the shares of the Corporate Debtor company have been acquired by M/s. Inkel Ltd. and is having a control stake of over 65% of the shares of the Corporate debtor. The said acquisition of shares happened in the year 2016 and the operations of Seguro was managed, controlled and operated by M/s. Inkel Limited the proposed additional respondent.

The applicant urged that the proposed additional Corporate Debtor is in charge of the day to day affairs of the Company and is, therefore, responsible and liable for all the debts and liabilities that are incurred on behalf of the Corporate Debtor. It is further clear that the Corporate debtor has been acquired exclusively for the purpose of entering into agreements and to limit the liability on the proposed additional Corporate Debtor which is in contravention to the provisions of the I&B Code.

The Coram consisting of Ashok Kumar Borah noted that the proposed additional Corporate Debtor is the holding company of the M/s. Seguro Foundations and Structures Pvt Ltd. So, the Application under Section 9 would be maintainable against both of them jointly.

Hence, the Tribunal is of the view that M/s. Inkel Limited, should be impleaded as an additional Corporate Debtor.

The tribunal directed the Registry to carry out necessary impleadment in the IBA and issue notice to them through email in addition to normal procedure. Applicant is also directed to serve notice to the newly impleaded additional Corporate Debtor along with a copy of IBA and produce proof of service with an affidavit before the next date fixed. Additional Corporate debtors shall file its Counter within two weeks.

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