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TMI Blog2020 (9) TMI 1076X X X X Extracts X X X X X X X X Extracts X X X X ..... h the management of the CD shall extend all assistance and cooperation to the IRP as may be required by him in managing the affairs of the CD. Being satisfied that the directors and their associates are not inclined to extend cooperation to the IRP this is a fit case wherein directions as prayed for is to be issued. The directors of the suspended board of the CD is directed to cooperate with the IRP and to provide all assistance to him to complete the CIRP In time - auditors are hereby directed to complete the transaction audit immediately, preferably within two weeks from the date of receipt of this order by way of email. RP is directed to serve a copy to the auditors on receipt of the order by him. - IA No. CP (IB) No. 9/GB/2019 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the CIRP. The CIRP made several correspondences followed by reminders with the corporate debtor. 4. The RP further would submits that the unaudited provisional accounts prepared casually without following mercantile system of accounts and shared with the CIRP almost 6 weeks thereafter, which contains too many anomalies which were communicated to CD by the IRP for necessary correction and furnishing substantiating details. 5. With a motive to CIRP initiation quashed, Directors of the suspended Board of the corporate debtor / respondent No. 1 moved an application to NCLAT praying that the application filed by the financial creditor was not within limitation and the admission order passed by this Tribunal for initiation CIRP be quashed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, we set aside the order passed by the NCLAT. We request the NCLAT to consider the matter afresh in accordance with law. All questions including the submissions raised on behalf of the respondent as to the effect of the earlier proceedings initiated are kept open. 8. Both the Directors of the suspended Board of the corporate debtor never serious to submit the plan and their primary motive was to delay so that the process could be frustrated and derailed. Subsequent to passing of the order by the Apex court the erstwhile Directors of the suspended Board of the corporate debtor has become whimsical and had gone berserk carrying two hoots, almost making a complete mockery of the law and making blatant violation of IBC, 2016. 9. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CD are not only acting illegally and wrongfully but also mala fide which amounts to interference with the administration of justice. The conduct of the respondents amounts to rampant violation of IBC, 2016 and also interference with the administration of justice and prays for issuing directions to co operate with the RP and also prays for issuing direction to refund the amount withdrawn from the bank account of the CD without the knowledge and permission of the RP. 13. This application was taken up for hearing on today through Video conferencing. Ld. RP Mr. Sandeep Khaitan; Mr. Nishant Kalilka Pr.CA Ashok Kumar Tibrewala, Pr.CA. Representing RP were present for the hearing. On the side of the respondent Ld. Counsel Mr. Abhijit Sarkar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 32.50 lakh have been siphoned off during the ongoing nationwide lock down from ICICI Bank and another four and odd lacks rupees also was withdrawn by the directors in violation of the moratorium. According to the Ld. Counsel for the respondents the withdrawal was not amount to siphoning the fund, but was withdrawn for payment of raw material cost due to the supplier. However no proof to prove that the amount was withdrawn for discharging debt due to the supplier. Even if it amount to discharge of debt, the withdrawal if any amount during the CIRP without permission and knowledge of the IRP/RP is in violation of section 14 of the Code. 18. In view of the matter discussed above it is certain that the directors of the CD not giving maxim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceipt of this order by way of email. RP is directed to serve a copy to the auditors on receipt of the order by him. III. The directors of the suspended board of the CD are hereby directed to refund the amount withdrawn less the amount if any paid to the alleged supplier as the cost of raw materials subject to the satisfaction of RP with sufficient proof of payment during the CIRP period, within two weeks of the receipt of this order. Failing which the IRP can move an application for contempt. IV. The SP of the SHO whose jurisdiction the Hosur Plant is located is directed to issue necessary directions to the SHO of the local Police Station for necessary police protection for enabling the valuer/RP to inspect the Hosur plant. V. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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