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TMI Blog2020 (11) TMI 245X X X X Extracts X X X X X X X X Extracts X X X X ..... on under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of the National Company Law Tribunal Rules, 2016 against the 1st respondent praying for issuance of directions as follows: * Order directing State Bank of India to forthwith allow the applicant physical access to the registered office and corporate office of the Corporate Debtor to enable the applicant to take custody of the books of accounts and all other records of the Corporate Debtor; * Order directing State Bank of India to handover to the applicant peaceful physical possession of all assets and properties of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f R-1, R-4 and R-6 also appeared through Video Conferencing. They have submitted written notes on defence. However, nobody appeared on the side of R-2, R-3 and R-5. 5. Heard Ld. Counsel for the Applicant as well as the Ld. Counsel appearing on behalf of R-1, R-4 and R-6. Perused the documents and written notes on defence submitted on the side of R-1, R-4 and R-6. 6. This is a unique application filed by the Resolution Professional appointed at the choice of the CoC as against one among the member of the CoC as well as the directors of the suspended Board of Directors of the Corporate Debtor seeking issuance of orders for handing over peaceful physical possession of assets and properties of the Corporate Debtor that are presently in the po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the SARFAESI Act, 2002. Since the Resolution Professional has no access to the Registered Office and the Corporate Office, which is under lock and key, the applicant could not take possession of the books of account and other records lying at the aforesaid office of the Corporate Debtor. As such, Resolution Professional was not able to carry out the CIRP process successfully and hence filed his applications for issuance of directions against the State Bank of India for handing over the physical possession of the properties and records of the Corporate Debtor for completion of CIRP process. 8. It is also submitted by the Ld. Counsel of the applicant that the Directors of the suspended Board of Directors of the Corporate Debtor are also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor in the absence of any specific order from the Adjudicating Authority because of the litigious nature of the Corporate Debtor and its suspended directors. 10. Ld. Counsel Shri Avirup Chatterjee, for the Suspended Board of Directors submitted that this Application is filed after expiry of 180 days of CIRP. The Adjudicating Authority may allow filing of affidavit since a lot of allegations have been made against the Suspended Board of Directors in the Application. All the books of accounts, documents are in the Registered Office of the Corporate Debtor. No other information is available with the Suspended Board of Directors. The property of the Corporate Debtor is the individual assets of the family members of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the suspended board of CD. The RP can make an inventory of the documents and movables kept inside the office so as to rule out all possibility of disputes that may arise on the side of the directors. In view of the facts that SBI holds possession of the registered office and according to R4 to R6 all the documents are kept in the office, unless and until it is open, the RP could not ascertain what further documents or information is required from R4 to R6. 12. Keeping in view of the above mentioned facts and circumstances, and the arguments advanced on the side of the parties, and in order to avoid multiplicity of litigation at the instance of the Resolution Professional, a direction to the respondents in order to assist or cooperate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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