2019 (2) TMI 1870 - AT - Companies Law

Appointment of retired Hon ble Supreme Court Judge to supervise the operation of the Resolution Process - HELD THAT - The Union of India or/and IL FS are also directed to provide the list of companies incorporated within the territorial jurisdiction of India. A separate list of Companies incorporated in other countries be also provided so as to exclude the Companies outside of India from the purview of our interim order subject to rights of contentions and objection of the Appellant and other parties - The Union of India will also submit lists of companies who are in the group of green , second list of the companies who are in the group of Amber and third list of Companies who are in the group of Red having registered office in India by the next date. Rest of the issues may also be considered on the next date. Intervention application(s) may be filed by Financial Creditors or Operational Creditors by 8th February, 2019.

Summary

Issues: Appointment of retired Supreme Court Judge for supervision of Resolution Process, List of companies incorporated in India and other countries, Categorization of companies into 'Green', 'Amber', and 'Red', Notification of lists on IL & FS website, Intervention applications by Financial Creditors and Operational Creditors.

In this judgment by the National Company Law Appellate Tribunal, the main issue addressed was the appointment of a retired Supreme Court Judge to supervise the Resolution Process involving the Union of India and Infrastructure Leasing & Financial Services Ltd. Both parties agreed to this appointment, and the Tribunal allowed them to contact Hon'ble Justice (Retd.) D.K. Jain for consent and to discuss the terms of engagement. Additionally, the Union of India and IL & FS were directed to provide a list of companies incorporated within India's territorial jurisdiction, along with a separate list of companies incorporated in other countries to exclude them from the interim order. The Union of India was further directed to submit lists categorizing companies into 'Green', 'Amber', and 'Red' based on their registered office in India, with the possibility of addressing other issues on a later date.

Furthermore, the Union of India was given permission to notify the aforementioned lists on the IL & FS website for information to all concerned parties. The judgment also allowed for intervention applications by 'Financial Creditors' or 'Operational Creditors' to be filed by a specified date, which would be accepted by the office and kept on record for consideration at an appropriate stage. This comprehensive judgment aimed to streamline the Resolution Process and ensure transparency and fairness in dealing with the companies involved.