TaxTMI 
TaxTMI 
2022 (6) TMI 1215
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....2022 has been filed under Section 19(2) of the Insolvency and Bankruptcy Code, 2016 by the Interim Resolution Professional in the matter of S.D Pharmacy Private Limited against the Suspended Directors of the S.D Pharmacy Pvt. Ltd. seeking the following relief: "Direct the Respondents to provide the books of accounts and all the relevant information in respect of the Corporate Debtor, assist the IRP to identify the company assets, handover the Keys of the factory gate and extend all the support and cooperation to complete the CIR Process." 2. The brief facts of the case are that this Tribunal vide order dated 31/03/2022 in CP(IB)/34(KOB)/2021 initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor an....
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.... securities or any other registry that records the ownership of assets including- (i) assets over which the corporate debtor has ownership rights which may be located in a foreign country; (ii) assets that may or may not be in possession of the corporate debtor; (iii) tangible assets, whether movable or immovable; (iv) intangible assets including intellectual property; (v) securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies; Duties of interim resolution professional. (vi) assets subject to the determination of ownership by a court or authority; (g) to perform such other duties as may be specified by the Board." ....
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....mpany was set ex-parte for the non-appearance of his counsel. Pursuant thereto the respondent preferred a petition for review of the order setting the respondent ex-parte on 08/03/2021 and sought for an opportunity to clear the entire liability towards the Applicant Bank. But the same was rejected by this Tribunal. Being aggrieved by the dismissal, the respondent approached the Hon'ble High Court of Kerala by filing W.P (c) No. 15804 of 2022. 6. In the meantime, independent of all the legal proceedings pending, the respondent preferred a proposal for One Time Settlement (OTS) before the Financial Creditor and also the Interim Resolution Professional appointed by this Tribunal. While the proposal for OTS preferred by the respondent was pe....
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....will file consent decree if paid the OTS amount fully within the given timeline referred above. ➢ Upon payment of the OTS amount in full, all the legal cases may be withdrawn in consultation with our panel advocate dealing with the case. ➢ The borrowers/guarantor have to withdraw all the cases filed by the borrower against the Bank, if any. ➢ The offer will be automatically cancelled if the sanction is not accepted by the borrower end or violating any of the terms and conditions. ➢ Non-compliance of any of the terms of OTS would make the OTS approval infructuous. ➢ The borrower to withdraw the pending SAs and all other legal actions initiated, if any, against th....