# In the matter of COS Board Industries Ltd. I.A. No. ....................-2020
In C.P.(IB) No. 44-CTB-2020

> NCLT judgment dated 2020-07-13. Citation: TCN-2020-NCLT-01043. The case involves an application filed by the Resolution Professional (RP) of M/s. COS BOARD…

- **Court:** NCLT
- **Order date:** 13 Jul 2020
- **Citation:** TCN-2020-NCLT-01043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cos-board-industries-ltd-ia-no-2020-in-cpib-no-44-ctb-2020-dc034737

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of M/s. COS BOARD INDUSTRIES LIMITED, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The RP sought directions from the National Company Law Tribunal (NCLT) to The New India Assurance Company Limited to release an insurance claim related to damages caused by a super cyclone before the initiation of CIRP. The RP argued that the insurance company was delaying the claim and requesting documents that are prohibited under IBBI regulations. The insurance company contended that the RP had not provided necessary documents for processing the claim.

## Facts

M/s. COS BOARD INDUSTRIES LIMITED, the Corporate Debtor, was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-12-16 by the National Company Law Tribunal (NCLT), Orissa Bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Umesh Chandra Sahoo was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made as per Section 15 of the IBC. The RP discovered a pending insurance claim of Rs. 15.47 Crores with The New India Assurance Company Limited against Policy No. 61020011190100000007, effective from 2019-04-03 to 2020-04-02, for an assured sum of Rs. 57,54,00,000/-, related to damages from a super cyclone on 2019-05-03. The RP visited the insurance

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) was justified in withholding documents requested by The …

**Ratio:** An insolvency professional must act with objectivity and ensure confidentiality of

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**Reasoning:** The court reasoned that the RP's refusal to provide the requested documents was based on

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**Interpretation:** The interpretation of the IBBI regulations emphasizes the balance between

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**Application:** The court applied this ratio to the facts by concluding that the RP's refusal

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## Parties

- **Judges:** Jinan…
- **Appellants:** Umesh Chandra…
- **Respondents:** M/S. COS BOARD…

## Timeline

- **2019-05-03 — Super Cy…**: A super cyclone caused damages to the…
- **2019-12-16 — CIRP Admi…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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