Bikki Raveendra Babu, Member - (1.) The Applicant is one of the Operational Creditors of Asian Natural Resources (India) Limited, formerly known as Bhatia International Limited, under Section 60, sub-section (5), Clause (c) and Section 65 of Insolvency and Bankruptcy Code, 2016 ("Code" for short) read with Rule 11 of National Company Law Tribunal Rules, 2016 and Section 424 of the Companies Act, 2013, praying for the following reliefs; "(a) That this Hon'ble Tribunal be pleased to allow the Applicant i.e. Vitol S.A. to be impleaded as a Respondent in the instant Company Petition pursuant sections 60(5)(c) of the Insolvency & Bankruptcy Code, 2016 read along with section 423 of the Companies Act, 2013; (b) That this Hon'ble Tribunal be pleased to declare that the instant Company Petition filed by the Petitioner/Financial Creditor an abuse of process of the Tribunal pursuant to Rule 11 of the National Company Law Tribunal Rules, 2016; (c) That this Hon'ble Tribunal be pleased to pass appropriate orders under section 65 of the Insolvency and Bankruptcy Code, 2016 that the Petitioner/Financial Creditor has fraudulently or with a malicious intention instituted the instant Company Petition; (d) That this Hon'ble Tribunal be pleased to pass an order of mandatory injunction against the Petitioner/Financial Creditor to commence insolvency proceedings against Respondents No. 2 to Respondent No. 11 i.e. various entities in the Bhatia Group (comprising Bhatia Coke and Energy Limited, Bhatia Coal Washeries Limited, Bhatia Industries and Infrastructure Limited, Bhatia Sons (India) Limited, BCC Cargo Limited, BCC Enterprises (India) Limited, BCC Estates (P) Limited, Reliance Services and Consultants Ltd., Associated Transport Company and Ishaar Overseas Pvt. Ltd.) and initiate legal proceedings against Respondent No. 12 to Respondent No. 21 the Bhatia Family (comprising Mr. Surinder Singh Bhatia, Mr. Gurvinder Singh Bhatia, Mr. Amandeep Singh Bhatia, Mrs. Veena Bhatia, Mrs. Gurvinder Kaur Bhatia, Mr. Manjeet Singh Bhatia, Mrs. Indrajit Kaur Bhatia, Ms. Ishipal Kaur Bhatia, Mr. Kulwant Singh Bhatia, G.S. Bhatia (HUF) who have issued personal guarantees to the Petitioner/Financial Creditor; (e) That this Hon'ble Tribunal be pleased to pass an order declaring that the various entities in the Bhatia Group including but not limited to Bhatia Coke and Energy Limited, Bhatia Coal Washeries Limited, Bhatia Industries and Infrastructure Limited, Bhatia Sons (India) Limited, BCC Cargo Limited, BCC Enterprises (India) Limited, BCC Estates (P) Limited, Reliance Services and Consultants Ltd., Associated Transport Company and Ishaar Overseas Pvt.Ltd are a common economic entity and/or benami entities holding on to the erstwhile assets of the Corporate Debtor and/or fraudulent conduits holding on to the erstwhile assets of the Corporate Debtor and/or transferee pendente lite and/or garnishee holding on to the erstwhile assets of the Corporate Debtor assets of the corporate debtor; (f) That in the alternative to prayer clause (d) and (e), this Hon'ble Tribunal be pleased to clarify the purport of its earlier order dated 23rd May 2017, does not restrict the Applicant from initiating appropriate proceedings and/or continuing with existing proceedings including but not limited to various interim applications filed under Execution Application No. 240 of 2011 before the Bombay High Court against various other entities in the Bhatia Group including but not limited to Bhatia Coke and Energy Limited, Bhatia Coal Washeries Limited, Bhatia Industries and Infrastructure Limited, Bhatia Sons (India) Limited, BCC Cargo Limited, BCC Enterprises (India) Limited, BCC Estates (P) Limited, Reliance Services and Consultants Ltd., Associated Transport Company and Ishaar Overseas Pvt. Ltd. and the members of the Bhatia Family including but not limited to Mr. Surinder Singh Bhatia, Mr. Gurvinder Singh Bhatia, Mr. Amandeep Singh Bhatia, Mrs. Veena Bhatia, Mrs. Gurvinder Kaur Bhatia, Mr. Manjeet Singh Bhatia, Mrs. Indrajit Kaur Bhatia, Ms. Ishipal Kaur Bhatia, Mr. Kulwant Singh Bhatia, G.S. Bhatia (HUF); (g) That this Hon'ble Tribunal be pleased to pass an order against Respondents No. 22 to 34 (comprising the State Bank of India, State Bank of Indore, UCO Bank, Union Bank of India, Oriental Bank of Commerce, The Hong Kong and Shanghai Banking Corporation Ltd. State Bank of Mysore, Indusind Bank Limited, HDFC Bank Limited, Standard Chartered Bank, Bank of Baroda, Bank of India, SBICAP Trustee Company Ltd.) to place on record all documents relating to the cross default available to them to move against any entity in the Bhatia Group including but not limited to Bhatia Coke and Energy Limited, Bhatia Coal Washeries Limited, Bhatia Industries and Infrastructure Limited, Bhatia Sons (India) Limited, BCC Cargo Limited, BCC Enterprises (India) Limited, BCC Estates (P) Limited, Reliance Services and Consultants Ltd., Associated Transport Company and Ishaar Overseas Pvt.Ltd and all documents relating to the personal guarantees issued to the Bhatia Family including but not limited to Mr. Surinder Singh Bhatia, Mr. Gurvinder Singh Bhatia, Mr. Amandeep Singh Bhatia, Mrs. Veena Bhatia, Mrs. Gurvinder Kaur Bhatia, Mr. Manjeet Singh Bhatia, Mrs. Indrajit Kaur Bhatia, Ms. Ishipal Kaur Bhatia, Mr. Kulwant Singh Bhatia, G.S. Bhatia (HUF) for the debts of the Bhatia Group; (h) That this Hon'ble Tribunal be pleased to pass an order directing the Interim Resolution Professional to intervene in garnishee proceedings against MMTC Ltd. and State Trading Corporation of India Limited before the Delhi High Court being Execution Petition No. 58 of 2015 in order to recover Rs. 80,98,36,185 due and payable from MMTC Ltd. to the Corporate Debtor and Rs. 21,74,85,502 due and payable from State Trading Corporation of India Limited to the Corporate Debtor, garnishee proceedings against Madhya Pradesh Power Generation Company Ltd. before the Court of II Additional District Judge, District Court, Jabalpur (MP), Ex. AB/0500273/2015 in order to recover a sum of Rs. 75,50,30,403 due and payable by Madhya Pradesh Power Generation Company Ltd. to the Corporate Debtor and garnishee proceedings against Kerala Sponge Iron Ltd. before the Court of II Additional District Judge, Palakkad Kerala, Execution Petition No. 146 of 2015 to recover 3,46,71,137 due and payable from Kerala Sponge Iron Ltd. to the Corporate Debtor; (i) That this Hon'ble Tribunal be pleased to clarify the purport of its earlier order dated 23rd May 2017, does not restrict in any manner whatsoever or prevent the Hon'ble Gujarat High Court in Petition under Arbitration Act No. 19 of 2017 from auctioning the cargo of the cargo of 40,600 MT of coal discharged from the vessel MV Iolcos Confidence at the Navlakhi Port, Gujarat; (j) That this Hon'ble Tribunal be pleased to pass an order under section 424 2(a) of the Companies Act, 2013 summoning Respondent No. 13/Mr. Surinder Singh Bhatia and Respondent No. 14/Mr. Gurvinder Singh Bhatia to be examined on oath; (k) That this Hon'ble Tribunal be pleased to pass an order directing the Interim Resolution Professional to place on record the books of accounts of the Corporate Debtor for the past 10 years; (l) Any other reliefs this Hon'ble Tribunal deems fit in the interest of justice, equity and good conscience; (m) Provide for the costs of making this application."
(2.) The facts in brief, that are germane for the purpose of disposal of this Application, are as follows; 2.1. IDBI Bank Limited filed CP (IB) No. 19 of 2017 before this Adjudicating Authority against Asian Natural Resources (India) Limited under Section 7 of the Code for triggering of Corporate Insolvency Resolution Process. The said Application was admitted by this Adjudicating Authority by order dated 23rd May, 2017. This Adjudicating Authority appointed Shri Nitin Hasmukhlal Parikh, Company Secretary as 'Interim Resolution Professional'. This Adjudicating Authority also granted moratorium under Section 13 of the Code for the purposes referred to in Section 14 of the Code.
(3.) It is stated in this Application that the Applicant on 17th January, 2011 obtained a London Arbitral Award against Asian Natural Resources (India) Limited for a sum of USD 68.43 Million in addition to cost of GBP 758,580 along with interest. The claim of the Operational Creditor against the Corporate Debtor is Rs. 529,18,40,254.65 in addition to interest @ 2% over LIBOR till realization.;