2022 (6) TMI 868 - Tri - Insolvency and Bankruptcy

Reconstruction of documents - original property documents lost - seeking issuance of certified copies of documents - HELD THAT - It is a fact borne on record that the 1st Respondent has filed an Application under section 19(5) of the Code and this Tribunal has also issued directions to the Respondents therein to comply with its order. It is also on record that the 1st Respondent could get only a limited information from the erstwhile promoter/Directors. In the present case it could not happen due to the non-cooperation of the erstwhile promoter/directors despite of orders issued by this Tribunal. In the absence of the original title deeds, there is not other option except reconstruct the documents including the property documents. The 2nd to 8th Respondents are directed to issue certified copies of the documents mentioned in the respective Schedules attached with the Application filed by the Applicants immediately once the application for the same is filed with them. The said documents would be treated as 'Original' documents for all future purposes and once the 1st Respondent get all the documents from the 2nd to 8th Respondents, he will hand over the same to the 1st Applicant. Application allowed.

Summary

Issues:
Application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking declaration of lost documents and issuance of certified copies for future purposes.

Analysis:
1. Background and Facts: The case involved an application filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 by the successful Resolution Applicant seeking to declare certain documents as lost and requesting the issuance of certified copies for future use. The Corporate Debtor was put under Corporate Insolvency Resolution Process (CIRP) following a petition by a bank, and a Resolution Professional was appointed to manage its affairs.

2. Resolution Plan Approval: The Resolution Plan submitted by the Applicant was approved by the Committee of Creditors (CoC) and the Tribunal. The Applicant had paid the required sum as per the approved plan and revived the Corporate Debtor. However, the Resolution Professional was unable to hand over the documents, including property documents, to the Applicant due to non-cooperation from the erstwhile promoters/directors.

3. Legal Arguments: The Applicant contended that it was entitled to receive all documents, including property documents, of the Corporate Debtor as per the Code. The non-cooperation of the erstwhile promoters/directors had caused delays, leading to financial losses for the Applicant who had mortgaged assets to avail loans. The Applicant sought permission to reconstruct the documents mentioned in the Resolution Plan for the sake of justice and plan implementation.

4. Tribunal's Decision: The Tribunal noted the non-cooperation of the erstwhile promoters/directors and the inability to retrieve original title deeds. Considering the circumstances, the Tribunal allowed the application and directed the relevant Respondents to issue certified copies of the documents mentioned in the Schedules attached to the application. These certified copies were to be treated as original documents for all future purposes. The Resolution Professional was tasked with filing necessary applications to obtain these documents, with the Applicant bearing the associated costs.

5. Conclusion: The Tribunal's decision aimed to facilitate the completion of the Resolution Plan by ensuring the availability of necessary documents despite the challenges posed by non-cooperation. By allowing the reconstruction of documents and mandating the issuance of certified copies, the Tribunal sought to address the practical difficulties faced by the Applicant in implementing the approved Resolution Plan.

This detailed analysis highlights the key aspects of the judgment, including the legal provisions invoked, the factual background, the arguments presented, and the Tribunal's decision and reasoning in resolving the issues raised in the application.