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TMI Blog2023 (7) TMI 1127X X X X Extracts X X X X X X X X Extracts X X X X ..... allen under the scam, which was referred to Insolvency and Bankruptcy Code [IBC] under Section 7 in CP/1264/(IB)/2018. NCLT on 04.11.2019, entrusted the management and affairs of the company to the interim resolution professional. Thereafter, the records indicates that on 21.01.2022, the management was took over by the Liquidator appointed by the NCLT. During the interregnum period, a series of complaint against the interim resolution professional had been lodged by the erstwhile management and some of them were considered by the appropriate Authority of IBC. The order was passed on 29.11.2021 in the review application filed by the complainant against C.Ramasubramaniam / the interim resolution professional. 2. After the management was took ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement for the Financial Year 2018-2019 ii) Audited Financial Statement for the Financial Year 2019-2020 iii) Audited / Unaudited Financial Statement for the Financial Year 2020-2021 Ld.Liquidator is directed to provide the above information within a period of 2 weeks from the date of this order." 3. It is told across the bar that on 19.06.2023, the Liquidator has submitted a report in reverence to the direction of NCLT stating that the balance sheet of the company was manipulated showing the rosy picture of the company affairs by the erstwhile Directors and different accounts were opened with intention to make transaction complex to hike illegal business practices. 4. The Chartered Accountant appointed by the former Directors of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd, a criminal complaint was also lodged, however, later withdrawn by peace. 6. Normally the case of this nature, when there is proper Appellate Authority to oversee the affairs of the Resolution Professional and statute empowers the Insolvency and Bankruptcy Board of India to oversee the action of the Resolution Professional appointed by them, the Court will not interfere. But in this case, this Court finds that the Resolution Professional, who had been operated the account of the company during his tenure and transacted the goods, had not even paid the electrical consumption charge from the month of May 2019 to November 2021, inviting disconnection notice by the Superintending Engineer, EDC North, Chennai-2. It is also brought to our not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Public Prosecutor appearing for the CBI brought to the notice of this Court about the communication from CBI, ACB, Chennai, letter dated 15.02.2022, wherein, the complaint dated 13.08.2021 and the representation dated 19.01.2022 made by Anilkumar Ohja had been forwarded to the CVC, Union bank of India, Mumbai for taking necessary action and therein in response, CVC Union Bank of India vide its letter dated 09.03.2022 has intimated that M/s.SLO Industries Limited has been referred to NCLT for Corporate Insolvency Resolution Process (CIRP) and SLO Industries is under liquidation. As the matter pending before the NCLT and the Resolution Professional, the representative of NCLT and IBC/2016, the bank has already abide that the complainant t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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