TMI Blog2022 (8) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - Finally the matter was posted on 28th March, 2022 both the 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. This Bench thought it proper to give another chance to provide all the information to the Liquidators within three days - the respondents are directed 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 - In view of the commitment of Mr. O.P.Pandey, one of the suspended Directors, was directed to hand over the aforesaid items, which he had assured to give but not given so far. Issue notice to the Respondents, namely, Om Prakash Pandey and Shri Prakash Pandey to appear before this Adjudicating Authority pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... July 2020 was specifically fixed for getting access to the Tally Software. When the RP and his team were present, the computer did not function at all. It is further submitted that Bank account statement, statutory registers, financial statements, books of accounts (last available as per MCA is 2013) sought for from the directors have not been provided. 5. It is submitted that the Directors were not at all cooperating with the Applicant in the CIRP of the Corporate Debtor and hence the Applicant was compelled to file an application under Section 19 seeking necessary directions upon the directors of the Corporate Debtor to provide all the information and documents as sought for by the Applicant. It is submitted that the said application under section 19 was heard by this Hon ble Tribunal on 7th October, 2020 when directions were passed on the Respondents for rendering all necessary support to the Applicant and to provide all documents. 6. It is submitted that the applicant communicated the order dated 7th October 2020 to the Respondents and sought for detailed information in terms of the directions given by this Adjudicating Authority on 7th October, 2020, but however, there w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16/03/2020, this Adjudicating Authority has passed order of moratorium. It is submitted that once the board is suspended only RP deals with the Bank and the Bank constitutes itself as CoC or joins as a member of the COC, hence the contention is incorrect and liable to be rejected in limine. 3. It is submitted that as per the admitted position of the applicant in para 30 of the application, he has already received audited accounts for the Financial Years 2013-14, 2014-15, 2015-16, 2016-17 and 2018-1, PAN Card and other details and as such the contentions are incorrect and liable to be dismissed. It is stated that the Financial Years 2018-2019 was also submitted and in any case audited Balance sheet of Financial Year 2018-19 also have details of Financial Year Financial Year 2017-18. It is submitted that the contentions of the applicant are frivolous inasmuch as the Bank is part of the CoC and the management of the Corporate Debtor has been vested with RP and hence the details of Bank may be procured by him. Further, audited Balance Sheets have all the details of fixed assets and stocks and as such the contentions are mere harassing design rather than any constructive purpose for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the non compliance of order dated 7th October, 2020 by the Directors of the suspended board of the Corporate Debtor and this Adjudicating Authority directed the Directors/contemnors to remain present at the hearing on 30th December, 2020 and report compliance. It is further submitted that Directors in spite of having knowledge of the order dated 5th November,2020 failed to provide any information to the RP. 4. It is submitted that due to the continuous, intentional, deliberate noncooperation, was compelled to file an application under section 70 of the IBC.The said application was heard on 18th March, 2021 and this Adjudicating Authority directed that a joint meeting will be held on 20th March 2021 when all the documents will be handed over by the contemnors. 5. It is submitted that the joint meeting was held on 20th March, 2021 which was attended by the Liquidator, the Contemnor no.1 (Director), Advocate of the Liquidator and Advocate of Contemnor no.1 and 2 and members from the liquidator team. It was agreed that the Respondent Directors/ Contemnors would provide the information without fail within a period of 7 days from the date of the meeting. 6. It is further submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , this Adjudicating Authority will have to first ascertain whether the contemnors named in this application have actually intended to commit contempt of this Adjudicating Authority by willfully or deliberately disobeying the orders passed by this Adjudicating Authority from time to time. For this purpose, the relevant extract of the orders passed by this bench are reproduced as under:- 07th October, 2020 1. Heard the Ld. RP. Perused the records. 2. It is submitted by the RP that suspended Directors of the Board of Directors of the Corporate Debtor are not cooperating with him by providing books of account and other necessary documents. 3. We are directing the respondents to hand over all necessary documents and books of account to the RP within 7 days from today without fail. This order has been passed without considering any allegations against them. IA stands disposed of accordingly. 4. Main matter to appear on 05/11/2020. 5. The Registry is directed to send e-mail copy of the order forthwith to all the parties inclusive of the counsel . 18th March,2021 IA/1430(KB)/2020 (a) This is an application filed by the RP u/s 70 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further consideration on 7th May, 2021. On that date also the members of the suspended Board shall be made present 9. On 25th November, 2021 while referring to the previous orders whereby these two suspended members of the Board of Directors of the Corporate Debtor Mr. Om Prakash Pandey and Mr. Shree Prakash Pandey has been directed to comply with the orders, which was informed by the Ld. Counsel for the Liquidator that they had not turned up or handover any documents or information to the Liquidator as directed on 7th April, 2021. Therefore, in the order dated 25th November, 2021, it was recorded as under:- 25th November, 2021 (a) (b) The violation of the orders of this Bench is a serious matter. The Liquidator is an officer of the Court, who was entrusted with the Liquidation Process of the Corporate Debtor by this Adjudicating Authority and any non-cooperation by the ex-director would entail action under the Contempt of Court Act. Therefore, suspended members of the Board are once again directed to comply with the order dated 07.04.2021 within 10 days from today to avoid any adverse order from this Adjudicating Authority, and they have directed to be p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registered Office. d. Information regarding the warehouse of the stock. e. Incomplete details of the Debtors List. 5. On Receipt of the aforesaid documents the Liquidator informed that the Following documents and details further needed in addition to the documents / details provided above for Liquidation and for Creditors Value enhancement which are detailed herein below:- a. Clarification for Journal/Ledger entries passed in the tally along with the sales/Purchase invoices, supporting narrations since 16.03.2020. b. Full Particulars of Debtors along with the PAN, Address and Phone Numbers. c. Invoices / status and details of amount paid in Advance. d. Clarification for Under Valued Transactions. e. Details and handover of Custody of the Vehicle and Machines. f. Handover of cash in hand as per ledger. g. Identification of stock available in the Rented Godown. 6. Thereafter, around 4 pm on 31.03.2022, I met Mr. Om Prakash Pandey on behalf of the Suspended Board of Directors at my Office and after discussion at length he assured the following documents/ details will be provided by 01.04.2022:- a. Copies of Sales ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information as per the aforesaid Query/details in paragraph 9 of this Report and in place of the same he send an email on 05.04.2022 around 3.45 P.M. which itself self explanatory. A Copy of the instant email is annexed as Annexure- A-2 . 17. In furtherance to the aforesaid facts, it is stated that the other member of the suspended Board never turned up a single day, but his Legal representative stated that has recently got operated so unable to come physically 18. From the report of the Special Officer, it would be revealed that the Respondents have failed to provide the following items:- a. Hard disk Containing Tally Data b. A Copy of Audited Balance sheet till 31.03.2019 c. Information and custody of Registered Office. d. Information regarding the warehouse of the stock. e. Incomplete details of the Debtors List . 19. In view of the commitment of Mr. O.P.Pandey, one of the suspended Directors, was directed to hand over the aforesaid items, which he had assured to give but not given so far. 20. In spite of the aforesaid assurance of the Respondent Mr. O.P.Pandey, the aforesaid items have not been handed over thereby violating the orde ..... 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