AI Drafter 
TaxTMI 
TaxTMI 
2022 (8) TMI 316
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....ll Private Limited submitted that the Financial Creditor had filed a petition under section 7 of the IBC against the Corporate Debtor, which was heard and admitted on 16th March, 2020. It is further submitted that vide the said order, the Applicant was appointed as the Interim Resolution Professional. Public Announcement was made by the applicant under section 15 of the IBC,2016 via publication in an English Newspaper 'Business Standard' and a ' Bengali Newspaper 'Aajkal' on 18th March, 2020. 3. It is submitted that the applicant vide emails dated 18th March, 2020, 12th May 2020, 12th May 2020, 23rd May 2020, 9th June, 2020, 18th June, 2020, 30th June 2020, 8th July, 2020 and 14th July 2020 intimated the Directors of the Corporate Debtor about the initiation of CIRP against the Corporate Debtor; appointment of the Applicant as the IRP; the complete procedure and consequences of the CIRP; and sought for all the necessary information and documents relating to the assets, finances, and operations of the Corporate Debtor, all detailed information about accounts, tally software, bank account details, statements of bank accounts etc. 4. It is submitted that the RP visited the Facto....
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.... matter was again listed before this Adjudicating Authority on 5th November, 2020 when the RP submitted about the non compliance of the order dated 7th October, 2020 by the Respondents and this Adjudicating Authority after considering the said order and submission of the RP, directed the Respondents to be present at the hearing scheduled on 30th December, 2020.The RP states that this deliberate act is a clear violation of section 70 of the Code and hence the Applicant is filing the instant application for punitive actions against the Respondents for blatant violation of the Code and not rendering any cooperation to the RP. 10. The applicant has sought the following reliefs:- " a. Necessary punishment of the Respondents as contained in Section 70 of the Code in the form of imprisonment of the Respondents for a term which shall not be less than three years but may also extend to five years or with fine which shall not be less than one lakh rupees, but may extend to 1 crore rupees or both, for deliberate non cooperation and blatant disregard of the orders of this Hon'ble Tribunal. b. Such further and/or other order or orders as this Hon'ble Court may deem fit and ....
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....is Court. However, before proceeding further, we deem it appropriate to issue notice to these Respondents, namely, Om Prakash Pandey and Shri Prakash Pandey and direct their personal appearance, on 31.08.2022. 6. Let a notice be sent to the Respondents for the said date. Cont. A/5/2021 1. This application filed under section 425 of the Companies Act, 2013 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the NCLT Rules, 2016. 2. It is submitted that there was continuous non co-operation from the Directors of the Corporate Debtor and the Directors failed to submit all the relevant documents/information as required by the Interim Resolution Professional/Resolution Professional required for CIRP of the Corporate Debtor of the Corporate Debtor. 3. It is submitted that the RP had filed an application under section 19 of the Code praying for directions upon the Contemnors to cooperate with the Resolution Professional and when the matter was heard on 7th October, 2020, directions were passed upon the contemnors to handover all necessary documents and books of accounts to the RP(Presently Liquidator). It is further submitted that thereafter a serie....
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.... is submitted that pursuant to the directions of this Adjudicating Authority and the assurances given by the Contemnors, the Liquidator vide its letters dated 3rd May, 2021, 21st May 2021, 16th June 2021 and 28th July,2021 called upon the Contemnors to provide all the documents but no document or information has been provided. The Applicant stated that there is clear violation of the order dated 7th October, 2020, 18th March, 2021 and 7th April, 2021. Such violation is intentional and deliberate. The RP/applicant has thus prayed for initiation of initiation of contempt proceeding against the contemnors/ Respondents for willfully and deliberately disobeying the aforesaid orders of this Adjudicating Authority passed in IA No. 703 of 2020 and IA No. 1430 of 2020 and Issuance of appropriate rule against the contemnors; and in case of dissatisfactory explanation or insufficient cause being shown, such rule be made absolute with appropriate penal sanction as this Adjudicating Authority may deem fit and proper;It is further prayed that Contemnors be directed to comply with orders dated 7th October,2020 (in IA No. 703 of 2020), 18th March, 2021 and 7th April, 2021( in IA No. 1430 of 2020) ....
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....all be made immediately operational and physical access to the computer shall be handed over to the RP without fail; (iv) A meeting to be held at the Registered Office on 20/03/2021 and a list of Documents that are required to be handed over to the RP and separately to the Transaction and Forensic Auditor and Valuer appointed for the purpose shall be drawn up and handed over to the members of the suspended Board of Directors, who shall take steps to ensure that the documents in question reach the persons concerned within a period of 10 days thereafter, i.e. on or before 31/03/2021 positively, failing which adverse consequences follow. (v) List this matter on 05/04/2021 for reporting compliance". 7th April,2021 ORDER " The Ld. Counsel for the Liquidator is present. The Liquidator is present. The Ld. Counsel for the members of the suspended Board is present. Shri Om Prakash Pandey and Shri Sri Prakash Pandey, Members of the suspended Board are present, in compliance of the Order dated 5th April, 2021.Both Shri Om Prakash Pandey and Shri Sri Prakash Pandey have assured to extend fullest possible cooperation to the Liquidator in the liquidation....
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....e Liquidator in the evening at 5 P.M. at his office and give an information required by the Liquidator and if there are any documents to be handed over to the Liquidator, the same can be handed over within two day. 12. Finally the matter was posted on 28th March, 2022 both the aforesaid suspended Directors were present when the Liquidator informed this Adjudicating Authority that the information given by the Respondents was not to the satisfaction of the Liquidator and that there is much more required to be given by the Contemnors. 13. Before taking any further action, this Bench thought it proper to give another chance to provide all the information to the Liquidators within three days. Therefore, we directed the respondents to go to the office of the Liquidator, the next date and handover whatever information they have to the Liquidator in the supervision of one independent person Mr. Rohit Kumar Keshari, Advocate who was appointed as Special Officer. The matter was thereafter posted for 7th April, 2022 14. The Special Officer in its report dated 6th April, 2022 has submitted his report. The relevant extract of the Report is mentioned as under:- " 4. During the ....
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....pended Board of Directors to the Ld. Liquidator Mr. Kanchan Dutta in my presence at my office on 01.04.2022. 8. As agreed the meeting with Mr. Om Prakash Pandey, representing the Suspended Board of Director and the Ld. Liquidator held on 01.04.2022 in my presence and following documents handed over by the Suspended Board of Directors:- a. Sale Bill (14-15)- File-1,2,and 3 b. Purchase Bill( 14-15) File-1 c. Purchase Bill (15-16) -File 1 and 2 d. Purchase Bill (1-17)-file 1and 2 e. Sale Bill (16-17)-file 1,2,and 3 f. Purchase Bill (17-18) File No.1 g. Sale Bill (17-18) File No. 1 h. Purchase Bill (18-19) File No. 1 i. Sale Bill (18-19) File No. 1 & 2 j. Purchase Bill (19-20) File No.1 k. Sale Bill (19-20) File No.1 and 2 15. Mr. O.P. Pandey representing the Suspended Board of Directors assured that in furtherance to the aforesaid documents already handed over further following documents/ Details he will provided:- 1. Sale Bill ( for the period 2015-2016)- Due not submitted by 04.04.2022 2. Custody of the Vehicle and Machines by 04.04.2022, 3. Cash ....