TaxTMI 
TaxTMI 
TaxTMI 
2022 (4) TMI 75
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....in IA No. 326/2021, inter-alia, contending that the order has been passed ex-parte and in violation of principles of natural justice. 2. To put concisely, this Tribunal vide order dated 18.01.2021 admitted company petition CP(IB) No. 599//HDB/2019 filed by Financial Creditor Punjab National Bank and ordered Corporate Insolvency Resolution Process against the Corporate Debtor. The Respondent i.e. Mr. T.S.N. Raja was appointed as Resolution Professional. Pursuant to admission order, the Board of Directors of SHPL were suspended and the Company is being managed by the Resolution Professional. 3. Upon taking over charge, the IRP/Resolution Professional had filed an IA bearing No. 326/2021 under Section 19(2) of IBC, seeking directions to Appl....
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....s Act, 2013 and NCLT Rules, the Tribunal is bound to observe the principles of natural justice in the proceedings before it but the Tribunal failed to issue notice to the opposite party when an application or petition is presented before it by a party, as per Rule 3. The Applicant contends that had he been given a chance to defend; he would have pleaded that the registered office of SHPL is under the custody of Respondent/RP, post admission order of this Tribunal and further contends that the registered office and the documents of Corporate Debtor are already in the possession of the Resolution Professional which was specifically indicated in the 1st CoC meeting. 6. The Applicant contends that this Tribunal has no power or jurisdiction to ....
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....EIH Ltd. and another (CRP Nos. 4881 and 4884 of 2018), wherein it is held that Section 19 of the Code of 2016 mandates that the personnel of the Corporate Debtor, its promoters or any other person associated with its management shall extend all assistance and o-operation to the interim resolution professional as may be required by him in managing the affairs of the Corporate Debtor". 10. Further, the Resolution Professional has referred to the judgement of Hon'ble NCLAT in the matter of Ajay Kumar vs Shree Sai Industries Pvt. Ltd. and Anr. (Company Appeal (AT) (Insolvency) No. 616 of 2019, wherein it has held at "It is needless to say that if the Promoters do not cooperate and hand over the necessary documents and information, the Adju....
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....ral justice deserves to be dismissed out-rightly. 13. The Resolution Professional further contends that the order in IA 326/2021 was passed on 14.07.2021 and the appeal by way of this application is filed on 27.11.2021 holds no validity as the person aggrieved by the order of the Adjudicating Authority has to prefer the appeal under Section 61(1) before Hon'ble NCLAT within one month of the order of the Tribunal. Thus, submitting, the Ld. Resolution Professional urged the Tribunal to dismiss the application. 14. In the light of the contest as above, the point that emerges for consideration is; "Whether order in IA No. 326/2021 dated 14.07.2021 is liable to be set aside on the ground that the Respondent therein was not hard before di....
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....sonnel of the corporate debtor, its promoter or any other person required to assist or cooperate with the interim resolution professional does not assist or cooperate, the interim resolution professional may make an application to the Adjudicating Authority for necessary directions". Thus, it is clear from the provision above that the Ex-Management shall be bound to co-operate with the Resolution Professional, enabling the Resolution Professional to carry out and complete the resolution process, which is time bound and in the event of non-1 cooperation by the Corporate Debtor, its promoters or any other person associated with the management of Corporate Debtor, the Resolution Professional is entitled to move the Tribunal and upon filing an....
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....d documents. Notice to the Respondent appears to be served by email. Copy of email is produced by them. No one appeared for them. Without considering the allegations against them and since the suspended management are duty bound under the law to cooperate the RP and to hand over all the documents and papers for successful completion of CIRP. We direct them to hand over required documents and papers to the RP within 3 days from today. In case of their failure RP may approach local police and local police may assist the RP. With this IA No. 326/2021 is allowed and stands disposed of." 20. In the case on hand, as already stated supra, the Director of the Corporate Debtor, though assured to deliver the relevant records to the IRP, never kept h....