Interim disclosure and asset verification relief granted in company proceedings, with inspection to proceed through proposed nominee appointment.

Interim relief in a pending company petition was sought to trace ticket-sale proceeds for a specified period and to verify assets installed at the project site. The Tribunal granted disclosure of the relevant bank account details, finding that such information would assist the inquiry at that stage. It also accepted, in principle, the request for asset inspection, but instead of appointing an inspector immediately, directed the petitioner to file a memo proposing three reliable persons with the other side's consent, from whom one could be appointed as inspector. Limited interim directions were thus issued for disclosure and steps toward asset verification.

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Issues: (i) Whether respondents 2 to 6 could be directed to disclose the bank account details in which the ticket sale proceeds for 13th, 14th and 15th October 2020 were credited. (ii) Whether an inspector should be appointed to identify and list the assets installed at the project site and report variations with the latest audited financial statements.

Issue (i): Whether respondents 2 to 6 could be directed to disclose the bank account details in which the ticket sale proceeds for 13th, 14th and 15th October 2020 were credited.

Analysis: The relief was sought as an interim measure in a pending company petition. The request was confined to tracing the collection of entry-ticket sale proceeds for a specified period, and the Tribunal considered that disclosure of the relevant bank account details would serve the interests of justice at that stage.

Conclusion: The direction to furnish the bank account details was granted.

Issue (ii): Whether an inspector should be appointed to identify and list the assets installed at the project site and report variations with the latest audited financial statements.

Analysis: The Tribunal found that the prayer for appointment of an inspector could be considered at the interim stage, but instead of making an immediate appointment, it required the petitioner to suggest three reliable persons by memo with mutual consent of the opposite side, from whom one could be appointed as inspector.

Conclusion: The request for inspection was allowed in principle, subject to the filing of a memo suggesting names for appointment.

Final Conclusion: The application was disposed of with limited interim reliefs directing disclosure of the relevant bank account particulars and steps toward appointment of an inspector for asset verification.

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