The National Company Law Tribunal, Ahmedabad bench of Mr. Shammi Khan (Judicial Member) and Mr. Sanjeev Kumar Sharma (Technical Member), held that related party status as per the Insolvency & Bankruptcy Code must be determined on the date of commencement of Insolvency Proceedings and not based on historical roles.
Background Facts:
The Corporate Debtor, Sebacic India Limited, was incorporated on 10.09.2007. Between 2011 and 2018, venture Capital Funds, Wayzata III India Ocean Pvt. Ltd. and India Nivesh Renaissance Fund, held significant shareholdings in this company.
On 15.05.2024, the National Company Law Tribunal admitted a petition filed by Basil Enterprises, an Operational Creditor, under Section 9 of the Code…