9911796707
TMI Blog2023 (7) TMI 1127X X X X Extracts X X X X X X X X Extracts X X X X ..... and CVC Union Bank after recording the matter that it has already been seized of by the NCLT and Resolution Professional been appointed, warned to approach the appropriate authority. As this Court has already pointed out as one round of complaint had been initiated against the Resolution Professional came to an end by an order passed by IBBI on 29.10.2021 followed by the order in the review application dated 21.11.2021. Now certain new facts from the communication of the Liquidator has come to light and in the normal course, query raised by the Liquidator could have been explained by the Resolution Professional, but he had failed to do so for more than a year. The query raised by the Liquidator regarding non reconciliation of account and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... series of complaint against the interim resolution professional had been lodged by the erstwhile management and some of them were considered by the appropriate Authority of IBC. The order was passed on 29.11.2021 in the review application filed by the complainant against C.Ramasubramaniam / the interim resolution professional. 2. After the management was took over by the Liquidator, the Liquidator found that the accounts as found in the inventory at the time of taking over by the Resolution Professional and its stock position on the date of handing over the documents and stocks, the Liquidator could not be reconciled and alarming figure of closing stock of inventory about 840 Crores could not be reconciled. Therefore, the Liquidator t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or has submitted a report in reverence to the direction of NCLT stating that the balance sheet of the company was manipulated showing the rosy picture of the company affairs by the erstwhile Directors and different accounts were opened with intention to make transaction complex to hike illegal business practices. 4. The Chartered Accountant appointed by the former Directors of the company did not furnish the details/documents for the financial year 2019-2020 at the instance of the suspended Board of Directors. Therefore, the Liquidator is not able to furnish the details called by the NCLT in the financial statements for the year 2019-20, 2020-21 (21.02.2022). This affidavit also does not reveal whether the query raised by the Liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court will not interfere. But in this case, this Court finds that the Resolution Professional, who had been operated the account of the company during his tenure and transacted the goods, had not even paid the electrical consumption charge from the month of May 2019 to November 2021, inviting disconnection notice by the Superintending Engineer, EDC North, Chennai-2. It is also brought to our notice that huge sum of GST payable is also due, but in response to this allegations, the learned counsel appearing for the Resolution Professional states that since the claim of GST was not legally permissible, they have approached the Court and obtained stay of payment of GST and not willful default as contended by the petitioner herein. 7. Non p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd therein in response, CVC Union Bank of India vide its letter dated 09.03.2022 has intimated that M/s.SLO Industries Limited has been referred to NCLT for Corporate Insolvency Resolution Process (CIRP) and SLO Industries is under liquidation. As the matter pending before the NCLT and the Resolution Professional, the representative of NCLT and IBC/2016, the bank has already abide that the complainant to move appropriate application before the adjudicating authority for his grievances and the bank is not in a position to reply on the allegations of the complainant. 9. This communication goes to show that the petitioner herein has already approached the CBI with the complaint followed by the representation that was forwarded to CVC Unio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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