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2021 (12) TMI 81 - Tri - Insolvency and BankruptcySeeking to appoint M/s. Thomas VM and Co. or any other Chartered Accountant to reconcile the accounts of the Applicant and the Corporate Debtor, in terms of the directions of this Hon'ble Tribunal - seeking direction to Respondents to cooperate in reconciliation of the accounts of the Applicant and the Corporate Debtor - HELD THAT - Mr. Thomas VM and Co. Chartered Accountants is appointed, and since no Chartered Accountant was proposed by the CD/Liquidator, GC Chopra Co Chartered Accountants, is appointed as Chartered Accountants, to reconcile the accounts of the Applicant and the Corporate Debtor and to furnish their report to this Hon'ble Tribunal within four weeks from the date of the report. The cost payable to the Chartered Accountant appointed by this Tribunal shall be ₹ 1,00,000/-. Both the Applicant and the Respondent have to share the costs equally. The Respondent is directed to co-operate with the Chartered Accountants in reconciliation of Accounts - application disposed off.
Issues: Application under Section 60(5) of the Insolvency and Bankruptcy Code seeking appointment of a Chartered Accountant for reconciliation of accounts and cooperation from the Respondents.
Analysis: 1. The Applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, seeking the appointment of a Chartered Accountant to reconcile accounts between the Applicant and the Corporate Debtor. The Applicant also requested cooperation from the Respondents in this reconciliation process within a time-bound manner. This application was made in response to the First Respondent's refusal to hand over assets to the Applicant despite a termination notice issued by the Applicant. 2. The Tribunal had previously ordered the appointment of an independent Chartered Accountant to reconcile the accounts of the Applicant and the Corporate Debtor in a previous order. The Applicant, aggrieved by the First Respondent's actions, had filed an application seeking direction for the handover of assets. The Tribunal, in its order, directed both parties to appoint an independent Chartered Accountant due to discrepancies in the amount sought by the First Respondent from the Applicant. 3. Subsequently, the Tribunal allowed the liquidation of the Corporate Debtor and appointed the First Respondent as the Liquidator. The Applicant appealed this decision before the Hon'ble NCLAT, which upheld the Tribunal's order. The Applicant continued to seek updates on the liquidation process and proposed reconciliation of accounts through an independent Chartered Accountant. 4. The Counsel for the Corporate Debtor/Liquidator highlighted the contractual relationship between the Applicant and the Corporate Debtor, emphasizing the need to adhere to the terms and conditions of the agreements. The Tribunal's order directed both parties to fulfill their obligations under the agreements and appointed Chartered Accountants to reconcile their accounts, sharing the costs equally. 5. After detailed consideration, the Tribunal appointed Chartered Accountants to reconcile the accounts of the Applicant and the Corporate Debtor. The costs were to be shared equally between the parties, with a specific Chartered Accountant appointed by the Tribunal. The Respondent was directed to cooperate in the reconciliation process, and the application was disposed of without any order as to costs.
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