9911796707
TMI Blog2019 (10) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Registry are directed to send the copy of this order within 7 days from the date of pronouncement to the RoC with which the Corporate Debtor is registered. Application disposed off. - MA/540/2019 in CP/490/IB/2018 - - - Dated:- 17-7-2019 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The Resolution Professional : Mr M. Raguram ORDER CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) 1. Under adjudication is MA/540/2019 in CP/490/IB/2018 that has been filed by Mr. M. Raguram (hereinafter referred to as 'Resolution Professional') under Section 54 of the Insolvency and Bankruptcy Code, 2016. 2. The Resolution Professional in the Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... states that he visited the office premise of the Corporate Debtor on 18th of August, 2018 and got the receivable and payable statements. However, the statements were not supported by any proper books of account. The balance sheets and profit and loss account of the earlier years were also not supported by proper schedules. The Applicant further stated that the accounts of the Corporate Debtor were not audited after 31st March 2016. 7. It is stated that the Applicant conducted the 1st COC Meeting on 13.10.2018 after giving notice to the Operational Creditor and the suspended Directors of the Corporate Debtor, but the meeting was attended only by the Operational Creditor who formed 100% of the CoC. Thereafter, this Authority v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank viz., Lakshmi Vilas Bank regarding the CIR Process and gave the name of Resolution Professional in place of the suspended Director as signatory to the Bank. It is further stated that the books including the audited one, were not made available to him except auditor's report and a single Chit members' Ledger without cash book, though majority of the transactions took place only in cash. 11. It is stated that the Resolution Professional came to know that the suspended Director had also accepted deposits in the personal capacity of the Director and they were not part of the Corporate Debtor's books and no Fixed Deposit Receipt was issued in its name viz., Sattur Sri Ganga Chit Funds Private Limited . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to withdraw the claim and requested for the CoC meeting. 15. It is stated that in the 7th COC Meeting held on 20th May 2019, the CoC resolved to withdraw the Application filed by the Operational Creditor. Hence, the Resolution Professional has filed the present Application before this Authority. 16. It is averred that as per the information provided by the Suspended Director viz., Mr. Durai, the company's debts are to the tune of ₹ 42.91 Lakhs and payable are ₹ 59.94 Lakhs towards Chit members dues, and Rent due of ₹ 16500 for six months. It was further averred that there are no physical assets available for sale and bank balance as on date is ₹ 6,428/- with Lakshmi Vilas Bank. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
