Iffco withdraws case against Triumph Offshore, Swan Energy in NCLT

Leading fertiliser cooperative Iffco has withdrawn its petition filed before National Company Law Tribunal (NCLT) in which it had sought to restrain Triumph Offshore Private Limited (TOPL) and Swan Energy from passing any board resolution without its approval and issuing shares to the lenders against loan. Iffco -- Indian Farmer Fertiliser Cooperative Limited -- recently exited TOPL by selling its 49 per cent stake to Swan Energy for Rs 440 crore.In March, it had moved the NCLT’s Ahmedabad bench against its JV partner Triumph Offshore, a subsidiary of Swan Energy Ltd (SEL), to restrain them from passing any board resolution without the prior written approval of petitioner (Iffco), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may result into diluting shareholding of the petitioner. The bench had said no relief would be granted as the applicant (Iffco) was also a director on the board of Triumph Offshore. Noting that the respondents, Swan Energy and Triumph had filed replies to the petition, the court directed Iffco to file a rejoinder within seven days.