9911796707
TMI Blog2022 (8) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the same must be with the suspended management of the Corporate Debtor as it is required to be maintained for audit purposed. As per Section 19(1) of the Code, the suspended management is under obligation to extend all assistance and cooperation to the RP as required in managing the affairs of the company. Mr. Rajnishpal Singh Dhaliwal - respondent No.1 and Mr. Shivrajpal Singh Dhaliwal - respondent No.2, Suspended Directors of erstwhile Management of Corporate Debtor are directed to handover accounting data record of the Corporate Debtor in soft data and physical record from 01.04.2014 till 31.03.2017 to the RP and provide assistance as required by the RP within fifteen days from the date of this order, failing which the RP is at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency commencement date i.e. 02.03.2020. 2.3 That the Resolution professional formed an opinion that the corporate debtor is subjected to various transactions covered under sections 43, 45, 50, and 66, in terms of Regulation 35A (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Accordingly, a detailed audit of such transactions was carried out by the Resolution Professional. 2.4 That Respondents No.1 and Respondents No.2, being directors of the suspended Board of the Corporate Debtor, were responsible for the keeping and maintenance of all the records of the previous years including the accounting data for the last 6 years. 2.5 That all the records of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20. 2.9 That despite various requests, the Respondents No. 1 and 2 have deliberately not given the accounting data from 01.04.2014 to 31.03.2017. It is understood that the Respondents are hiding the said record to conceal their illegal acts. The true copy of the e-mails dated 27.06.2020, 02.07.2020 30.07.2020 issued by the Applicant Resolution Professional to the Respondents seeking accounting data are annexed hereto and marked as ANNEXURE A-1, ANNEXURE A-2 ANNEXURE A-3 respectively. 2.10 That thereafter, the said matter of non-cooperation was placed before the COC of the Corporate Debtor by the Applicant Resolution Professional in its 4th meeting held on 10.07.2020 and its relevant extracts are as follows: It was further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the non-availability of data was recorded in the minutes of the meeting of CoC held on 28.08.2020. One of the computers containing the accounting data got corrupted and data was not recovered due to which the respondent was unable to provide the required data by the Resolution Professional. 4. In rejoinder filed by Diary No.01306/4 dated 28.03.2022 to the reply of respondents No.1 and 2 wherein it is submitted that there are many transactions, outstanding as on date of commencement of Insolvency, which is continuing from the period before 01.04.2017, hence its origin is required for a detailed audit of transactions in an effective manner and the operation of clause (4) of Section 43 does not restrict the audit of transactions fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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