9911796707
TMI Blog2020 (12) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... ations, 2016 seeking direction to the suspended directors of Corporate Debtor to provide and make available to the Liquidator the complete set of books of accounts of the CD for the past 4 years and also to make available to the Liquidator the complete set of books of accounts of the subsidiary Company M/s. Sabkaa Payments Ltd for the financial year 2016-17 and 2018-19. 2. This Tribunal vide order dated 13.09.2019 in TIBA/1/KOB/2019 (IBA/74/2019 of NCLT Chennai Bench) ordered the Corporate Insolvency Resolution Process under Section 9 of the IBC, 2016 filed by the Operational Creditor M/s. V-Con Integrated Solutions Pvt Ltd against the Corporate Debtor M/s. Achariya Techno Solutions (India) Pvt Ltd and appointed the applicant herein Shri S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor, registered valuers were also appointed. 5. The Liquidator further submitted that the previous auditor of the Corporate Debtor informed him that the Books of Accounts were prepared by the Company and it was returned to the Company after audit. 6. The suspended director Shri Reji Sivankutty vide letter dated 22.08.2020 addressed to the Liquidator stated various reasons for not making available of the books of accounts including the server hard disk where the soft copy of the books of accounts were maintained stating that the same was corrupted and the secondary back up was permanently overwritten and also made allegation against previous employee. 7. The Liquidator added that even after taking reasonable effects, there is delay i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d fallen victim for an online financial fraud and on account of that several litigations including the present insolvency petition, which has now resulted in liquidation. The entire documents were already handed over to the Liquidator. Due to the financial difficulties, the company was unable to pay employees' salaries and settle bills which adversely affected the day to day functioning of the company. 11. According to the CD, all the transactions were done through bank accounts and the records of the same have already been handed over to the liquidator. 12. The CD further stated that the digital copy of the books of account was kept in the Server at Vazathacaud office, Trivandrum which was managed by a Server Administrator Mr Sujith. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel appearing for the Respondent suspended Director Shri Reji Sivankutty through VC. After hearing the learned Liquidator as well as the learned counsel for the suspended director of the Corporate Debtor and also thoroughly perusing the whole case records, I observe that no serious effort has been taken by the suspended directors of CD to provide the entire documents to the Liquidator. The attempt to put blame on the designated employee and the auditor of the Company with regard to the Books of Accounts of the Company is an excuse of the Suspended Director of the Corporate Debtor not to give the documents sought by the Liquidator. On going through the application, it is seen that adequate co-operation has not been extended by the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
