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2021 (10) TMI 1377
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....essional under Section 60(5) of the Insolvency and Bankruptcy Code against the Respondent, Writer Information Management Services Private Limited. The Respondent Company was providing Record Management Services and Record Retrieval Services to the Corporate Debtor Company. 2. I.A. 1628/2021 has been filed by the Writer Business Services Private Limited (Respondent in the I.A. 484/2021 and IA 1239/2020) against the Resolution Professional. Facts in the I.A. as mentioned by the Applicant itself is the same as filed by the Applicant as a Respondent in I.A. 1239/2020 and I.A. 484/2021. 3. The Corporate Debtor M/s Cox & Kings Limited is an International Leisure Travel Company which had operations in 23 countries. The Corporate Debtor distr....
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....tion would have to be submitted to the Corporate Debtor before the 7th day of the next calendar month and the Corporate Debtor was liable to make payment of the invoices within 15 days of their receipt by a crossed cheque payable at Mumbai. 6. The CIRP of the Corporate Debtor Company commenced on 22.10.2019 and IRP of the Corporate Debtor invited claim under the IBC. On 06.11.2019, the Respondent Company submitted its claim in Form 'B' under Regulation 7 of the Corporate Insolvency Resolution Process of Corporate Person raising a claim of about Rs. 24.60 lakhs against the Corporate Debtor. 7. The RP mentions that since February 2020, the Respondent had not provided to RP the access to the business record of the Company even though pay....
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.... Agreement dated 15.01.2007. As per the agreement the relevant clause of the agreement reads as under: "...Clause 13.2. Bills for services rendered in a calendar month for each location would be submitted before 7th day of the next calendar month. Cox & Kings would pay within 15 days of receipt by a crossed cheque payable at Mumbai after verifying the bills..." 10. The Bench notes that in the month of February 2020 all the invoices of the Respondent up to January 2020 were fully paid. Therefore, the Respondent's refusal to provide its Record Retrieval Services to the RP when the payment has been fully made as per the terms of the Agreement, is totally violation of Section 14(2)(a) of the Code wherein it was incumbent upon the Re....
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....n 18 and 25 of the Code. The relevant Section 18 and 25 of the Code reads as under: "...18. Duties of Interim Resolution Professional- The Interim Resolution Professional shall perform the following duties, namely;- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such other matters as may be specified; (f) take control and custody o....
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....cial or arbitration proceedings; 13. The Bench notes that the business record of the Company is an indelible right of the Resolution Professional and a contractual duty of the Respondent which it has has failed to perform. In view of this the Bench, the Bench is of the views and as pleaded by the Corporate Debtor that the Corporate is entitled for cost incurred by the Respondent under Section 235A of the Code. The relevel portion of the Section 235A of the code reads as under: "235A. Punishment where no specific penalty or punishment is provided:- If any person contravenes any of the provisions of this Code or the rules or regulations made thereunder for which no penalty or punishment is provided in this Code, such pers....