The National Company Law Appellate Tribunal has directed the Centre to take action against US-based investor Ingen Capital Group LLC, its managing director and other directors for not implementing a resolution plan for Chennai-based Orchid Pharma after its proposal was selected by the Committee of Creditors (CoC) and National Company Law Tribunal (NCLT) for implementation. The order comes on a plea filed by Ingen Capital against the Resolution Professional (RP) with the appellate tribunal.
An NCLAT bench comprising Justice S J Mukhopadhaya and Justice Bansi Lal Bhat directed the Centre through the Ministry of Corporate Affairs to take appropriate steps.
"If the appellant (Ingen Capital) has no office in India then the Central Government through Ministry of Corporate Affairs may take up the matter with USA, where the appellant company is situated," said the order.
The appelate tribunal ordered Ingen Capital to be deposit Rs 10 lakh in favour of the CoC within 30 days. The bench observed that Ingen failed to deposit the amount at an earlier date.
The tribunal in an order on February 1, 2019 issued a show cause notice to Ingen Capital directors Umesh Bhatia and Harish Bhatia "as to why appropriate action be not taken against them and the NCLT, Central government and its agancies be not asked to take appropriate steps against the company and its directors and why cost not be imposed on them."
With the directors not submitting a proper reply, the NCLAT in an order dated March 1, 2019, sought the investor to file show cause reply within three weeks, failing which the Appellate Tribunal may initiate a contempt proceeding against them and may issue bailable warrant of arrest.
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