Madhya Pradesh Financial Corporation vs Gwalior Distilleries Limited

Inv.P/4(MP)2021

This application is filed by the Madhya Pradesh Financial Corporation for intervening in the proceedings under Section 7 of the IBC, 2016 initiated by

Mayuri Fincap Pvt. Ltd. Against Gwalior Distilleries Ltd.

We heard the Learned PCS for the Applicant. He submitted that there is a share purchase agreement between some of the Directors of the Financial

Creditor and the Corporate Debtor. But no document is produced to show that Mr. Anil Prakash Aggarwal and Mr. Akshay Aggarwal etc. are the

Directors of the Financial Creditor. Upon our query, that what is the document you are relying on, the Learned PCS submits that he has no document

at present.

In view of this, we hold that this application is fully irrelevant and not maintainable for want of requisite document. Even otherwise, in an application

filed under Section 7 of the IBC, 2016 only the Financial Creditor and the Corporate Debtor are the necessary and proper parties.

In such application, no intervention can be allowed. This application, being not maintainable, stands disposed of.

Main matter to appear on 03.02.2022