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TMI Blog2022 (8) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial 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 Factory Office and Registered Office on 18th March, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity 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 proper". 11. In reply to the petition,the respondents filed affidavit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 series of emails were exchanged with the Directors/ Contemnors but all the documents as soug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iven 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) of this Adjudicating Authority within a period of 7 days in the interest of justice; Initiate ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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 process of the Corporate Debtor. They have specifically assured the Bench that the documents and clarifications sought for by the Liquidator vide letter dated 19th March, 2021, shall be made av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lly 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 meeting Ld. Liquidator clarified that he had received following List of documents from the Suspended Board of Directors which are detailed herein below:- a. Hard disk Containing Tally Data b. A Copy of Audited Balance sheet till 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 as per Ledger ( approximately Rs. 29,000) will be hand over to the Liquidator on 05.04.2022 by 10 am. 4. The Identification of stock of the Company will be done by Mr. Pandey to Mr. Dutta on 04.04.2022. Copies of the email Communication between the parties since 29.03.2022 to 05.03.2022 is annexed as Annexure "A-1". 16. But Mr. Om Prakash Pandey unable to hand over any documents/ information as per the aforesaid Query/details in paragraph 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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