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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 ..... respondents with the prayer for directions upon the promoters, directors of the corporate debtor to hand over the management of the affairs of the company for smooth running and completion of the CIRP. 2. Brief facts of the case, as stated in the application, are that this Tribunal vide order dated 25/8/2019 while admitting the petition declared moratorium and public announcement in accordance with Sec. 13 and 15 of the IBC, 2016 and appointed IRP for ascertaining the particulars of creditors and convening of CoC for evolving a resolution plan. In terms of the order, the IRP made Public Announcement for CIRP with respect to the corporate debtor in different newspapers - both at Guwahati as well as at Kolkata. 3. In the said public announc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the applicant as being over confident of getting a clear order quashing the CIRP proceedings. The erstwhile Directors of the suspended Board of the corporate debtor also tried to derail the IRP process by an order dated 25/2/2019 passed by Hon'ble Guwahati High Court in one of the ongoing matters of National Boards Ltd. and illegitimately claiming the stay of CIRP process. This was the first of the series misinterpretation of court order. One of the unit of CD at Hosur Plant was suspended since 27/11/2017 due to strike of workmen. However, the valuation of assets and stock as required by Regulation 27 has to be done on plant site. In order to that several requests were made by Valuers to plant head of Hosur unit, the desired inspect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tings of CD on 30/1/2020 and 1/2/2020. In that meeting Shri Arun Jhunjhunwala has been inducted as an independent director with effect from 1/2/2020. Further, the Company Secretary informed SEBI vide letter dated 29/1/2020 that the CIRP process has been abated vide Apex Court order dated 20/1/2020. 11. This Tribunal vide order dated 20/3/2020 directed the RP to act as per law and RP had served several emails to suspended board and officers for cooperation but all senior executives of the company are illegitimately discard the CIRP completely. On 18/4/2020 an amount of Rs. 32.50 lakh have been siphoned off during the ongoing nationwide lock down. The RP filed FIR with Margherita Police Station about the unauthorized transactions. Due to con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directors without his knowledge and permission and also prays for issuing directions to them to refund the money. 15. In answer to the allegations that transaction audit could not be completed by the auditors the Ld. Counsel for the respondents submits that the auditors office is located in New Delhi and therefore, due to the lock down they could not open their office and it is why it is pending. In respect of not permuting the valuers to inspect Hosur Plant he would submits that the said plant was suspended since 27/11/2017 due to strike of workmen and that if the adequate police protection is granted inspection can be permitted. 16. One another allegation on the side of he RP is that Mr. Arbijit Sarkar who is representing the responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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. At this juncture the Ld. Counsel for the respondents prays for filing detailed reply to the applications. Since allegations are seriously raised against he directors as well as the Ld. Counsle/independent director, I am giving an opportunity to them to counter the allegations in writing as also prayed for by the Ld.Counsel. However, despite directions to submit brief defence, no written submissions were forthcoming on the side of the respondents. Accordingly, I am inclined to pass the following directions for the smooth and fast completion of the CIRP: I. The directors of the suspended ..... X X X X Extracts X X X X X X X X Extracts X X X X
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