# In the matter of Antony Projects Pvt. Ltd. & 3 Ors. MA-370-IB-2018 in CP-610-IB-2017

> NCLT judgment dated 2018-10-30. Citation: TCN-2018-NCLT-00445. The case involves an application related to a corporate insolvency resolution process (CIRP).…

- **Court:** NCLT
- **Order date:** 30 Oct 2018
- **Citation:** TCN-2018-NCLT-00445
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/antony-projects-pvt-ltd-3-ors-ma-370-ib-2018-in-cp-610-ib-2017-74c65616

## Summary

### Background

The case involves an application related to a corporate insolvency resolution process (CIRP). The Resolution Professional (RP) states that the promoters provided financial documents only up to 2015. However, from April 1, 2015, until the pronouncement of CIRP, no financial records were provided. The RP claims that without these financials, it's impossible to ascertain the company's financial position.

## Facts

The Resolution Professional (RP) stated that the Promoters provided financial documents only up to 2015. From April 1, 2015, until the pronouncement of the Corporate Insolvency Resolution Process (CIRP), no financial records were provided. The RP claims that without these financials, it's impossible to ascertain the company's financial position. An order was already passed on 2018-10-15. The promoters were directed to provide all financial records, including ledgers and bank statements, maintained by them for the period from April 1, 2015, until before the pronouncement of CIRP, within 3 days.

## Issues and analysis

### Issue 1: Whether the promoters should be directed to provide financial documents for the period after April …

**Ratio:** The legal principle is that promoters have a duty to provide necessary financial

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**Reasoning:** The court reasoned that the RP cannot ascertain the financial position of the company

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**Interpretation:** The interpretation is that promoters are legally obligated to provide all

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**Application:** The court applied this principle by directing the promoters to provide all

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** MOHAN K…
- **Respondents:** ANTONY PROJECTS…

## Timeline

- **2018-10-15 — Previous…**: An order was already…
- **2018-11-08 — Further H…**: The application is listed for…

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