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Tribunal Orders Respondents to Provide Financial Statements for 2019-2020 The Tribunal ordered the Respondents to cooperate and provide a signed copy of the financial statements for the financial year 2019-2020 within two weeks. ...
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Provisions expressly mentioned in the judgment/order text.
Tribunal Orders Respondents to Provide Financial Statements for 2019-2020
The Tribunal ordered the Respondents to cooperate and provide a signed copy of the financial statements for the financial year 2019-2020 within two weeks. Failure to comply may result in further action to ensure the completion of the Corporate Insolvency Resolution Process or Liquidation in a timely manner.
Issues involved: - Application filed seeking cooperation to provide signed copy of financial statements for FY 2019-2020.
Analysis: The Tribunal was presented with an application (IA No. 2070(PB)/2021) filed by the Resolution Professional under Section 19(2) of the Insolvency and Bankruptcy Code. The application sought to direct the Respondents to cooperate and provide a signed copy of the financial statements for the financial year 2019-2020. The Applicant had appointed Statutory Auditors for the Corporate Debtor to audit the accounts for the mentioned financial year. Despite providing all requisite documents and multiple reminders, the Respondents failed to cooperate by reviewing and signing the financial statements, necessary for filing before the Registrar of Companies as per the Companies Act, 2013.
The Resolution Professional's counsel emphasized that the Respondents were legally obligated to cooperate as per the provisions of the Code to enable the Applicant to fulfill their duties effectively. On the contrary, the Respondents' counsel opposed the application, requesting time to file a reply and asserting that they were already extending the required cooperation. However, the Tribunal noted that the completion of Corporate Insolvency Resolution Process (CIRP) or Liquidation must adhere to a time-bound manner. It highlighted the legal obligation under Section 19 of the Code for all personnel associated with the management of the Corporate Debtor to provide necessary assistance and cooperation to the Resolution Professional.
Considering the urgency to avoid further delays in the process, the Tribunal found it just and proper to direct the Respondents to extend the required cooperation, specifically by providing the signed copy of the Financial Statements for the financial year 2019-2020. Consequently, the Tribunal disposed of the application by ordering the Respondents to cooperate and furnish the signed financial statements within two weeks from the date of the order. Additionally, the Applicant was directed to provide any further documents requested by the Respondents for the same purpose.
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