TaxTMI 
TaxTMI 
2025 (8) TMI 506
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....s. 2. Brief facts which appears to be necessary for the disposal of the instant appeal are that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by the Operational Creditor i.e. M/s Platina Bulkers Private Limited Against the Corporate Debtor i.e. M/s Star Mineral Resources Private Limited. The said application was admitted and CIRP was initiated vide order dated 17.12.2018 passed by the Adjudicating Authority. A moratorium was accordingly declared and Mr. Akarsh Kashyap was appointed as IRP who was subsequently confirmed as RP. 3. As the resolution professional could not call for any resolution plan for want of specific information pertaining to the assets and liabilities and the account book of the corporate debtor the liquidation proceedings were initiated by learned Tribunal vide order dated 10.02.2020 and Mr. Naresh Kumar Bansal was appointed as the liquidator. 4. The Liquidator appears to have made all attempts to collect financial information pertaining to the Corporate Debtor(CD), its accounts books, assets and liabilities etc. however, as per the stand of liquidator the Suspended Directors of the CD did not supply re....
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....rector of the CD, had approached appellants seeking financial support and assured guaranteed returns of at least 2% per month. Believing on the proposal made by Mr. Gagan Shukla, the appellants on 16.07.2014 agreed to invest Rs. 5,00,00,000/- (Five Crores) in the Corporate Debtor, partly by way of investment in equity shares of the CD and partly by lending interest free loan and accordingly an agreement was executed on 16.07.2014 and Rs. 5,00,00,000/- (five Crore) as well as additional sum of Rs. 49,99,950/- (Forty-Nine lacs Ninety-Nine Thousand Nine Hundred Fifty) was paid to the CD and as per the terms of the agreement 51% of the equity in the CD would be held by the financers and they would further have three Directors on the Board of Corporate Debtor, and it is in this background the Appellants were nominated to the Board of Directors by the financers as non-executive directors. 9. It is further submitted that the managing of day to day affairs and operation of the CD had remained with the promoter directors only and a specific clause 1(iii) in this regard was written in the agreement executed at between the parties. 10. It is further submitted that the entire business of....
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....the prosecution initiated against them and they immediately sent communication to the Liquidator and also attended the meeting of the Committee of stakeholders of the CD on 29.04.2023. 18. It is further submitted that the application moved by the respondent under Section 19 and 70 of the IBC pertaining to the alleged non-cooperation of appellants have yet not been decided by the Tribunal and there was absolutely no need to make impugned observations in disposal of the application moved by the liquidator for extension of time. Learned counsel for the appellants has relied on the law laid drawn by Hon'ble Supreme Court in 'Uma Nath Pandey and Ors. Vs. State of U.P and Anr.' reported in (2009) 12 SCC 40. 19. It is also submitted with considerable force that the aforesaid observation has been recorded by the learned Tribunal without providing any opportunity of being heard to the Appellants and therefore the same violates the principle of natural justice thus the same be quashed/set-aside. 20. Learned counsel for the Respondent/Liquidator submits that the instant appeal is not maintainable in view of the provision contained under Section 61 of the IBC as the Appellant may not ....
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....pt Mr. Gagan Shukla and M/s Kalyani Shukla. 25. Learned counsel for the respondent further submits that the Suspended Directors including Appellants have deliberately avoided their presence despite emails were sent to them on 03.08.2019, 05.08.2019, 06.08.2019, 12.08.2019, 24.08.2019, 25.10.2019, 30.10.2019, 05.11.2019, 06.02.2021, 08.02.2021, 16.02.2021, 21.04.2023, 25.04.2023, 29.04.2023 and 02.05.2023. 26. It is also submitted that on 09.12.2023 the respondent communicated to all concerned persons about the dissolution order dated 07.12.2023 passed by learned Tribunal which was admittedly received by Appellant Mr. Bimal Jijani, while surprisingly no such process issued to him in the past was acknowledged by him which was sent on the same email and portal address. 27. While drawing attention of this Appellate Tribunal on the observations made at in para 7(ii), it is submitted that these observations have been made on the basis of the record available with the Tribunal and could not be said to have been made without any substance and material. 28. It is further submitted that it is hard to believe that after investi....
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....s Kalyani Shukla have appeared before the Tribunal and also in the meeting of the CoC, thus when process has been sent on the official email of the appellants which was available on the MCA Data and two directors have appeared on account of such service, it could not be believed that appellant were not served by these processes. Moreover, Appellant No. 2 and 3 have also been served through process sent via post. 34. It is also conspicuous that notices and process of the Tribunal were sent to the Appellants and other Suspended Directors of the CD on their email Id and postal address as recorded in the records of MCA. We find force in the submissions made by learned counsel for the Respondent that if Appellants are claiming that they were not residing at the address which they have provided in the MCA Data base or to ROC they should have informed the appropriate authority with regard to the alleged change of address, which is not emerging from the record. The fact of issuance of notices and other process under the orders of the Tribunal is conspicuously evident from the record furnished before this Tribunal and it also appears to be an admitted situation that no record has either ....