# In the matter of Green Garden Pvt. Ltd. MA-197-2019 in CP-709-IB-2018

> NCLT judgment dated 2019-04-26. Citation: TCN-2019-NCLT-03671. The case involves a corporate debtor and a Resolution Professional (RP). The counsel for R2…

- **Court:** NCLT
- **Order date:** 26 Apr 2019
- **Citation:** TCN-2019-NCLT-03671
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/green-garden-pvt-ltd-ma-197-2019-in-cp-709-ib-2018-f27c54fd

## Summary

### Background

The case involves a corporate debtor and a Resolution Professional (RP). The counsel for R2 (likely the respondent) stated they would provide the original Balance Sheet of the Corporate Debtor for the period 01.04.2015 to 31.03.2018. The court directed the counsel to provide the balance sheets so the RP could take appropriate steps. The counsel for R2 stated they had already supplied the ledger account to the RP. The RP clarified that only a simpliciter tally backup was provided without narrations or supporting documents, making it difficult to assess the financial position of the company.

## Facts

The Resolution Professional (RP) for Green Garden Pvt Ltd requires the original Balance Sheet of the Corporate Debtor (period: 01.04.2015 to 31.03.2018). The counsel for Respondent 2 (R2) stated they would provide it. The counsel for R2 claimed to have already provided the ledger account. The RP clarified that only a tally backup without narrations was provided, making it unusable. The RP needs proper financial documents to assess the company's financial position. The court directed R2 to provide the balance sheet. The RP sought time to file a rejoinder to R2's affidavit.

## Issues and analysis

### Issue 1: Whether the counsel for R2 should be directed to provide the original Balance Sheet of the …

**Ratio:** The Resolution Professional (RP) requires accurate and complete financial information to

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**Reasoning:** The court reasoned that providing the original Balance Sheet is essential for the RP to

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**Interpretation:** This issue involves the interpretation of the RP's powers and responsibilities

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**Application:** The court applied the principle by directing the counsel for R2 to provide the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** SRIPRIYA KUMAR RP…
- **Respondents:** GREEN GARDEN PVT…; AKKINENI MANOHAR…
- **Advocates:** BIPIN S…; N. P Vijay…; +3 more

## Timeline

- **2015-04-01 — Start of Balance Sheet…**: Start date for the period of the…
- **2018-03-31 — End of Balance Sheet…**: End date for the period of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(23) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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