# In the matter of Inasra Technologies Private Limited MA-172-2019 in CP-559-IB-CB-2017

> NCLT judgment dated 2019-11-04. Citation: TCN-2019-NCLT-00743. The case involves an application filed by the Liquidator, Mr. S. Kannan, under Section 60(5)(c)…

- **Court:** NCLT
- **Order date:** 4 Nov 2019
- **Citation:** TCN-2019-NCLT-00743
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inasra-technologies-private-limited-ma-172-2019-in-cp-559-ib-cb-2017-029eced3

## Summary

### Background

The case involves an application filed by the Liquidator, Mr. S. Kannan, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the respondents. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2017-09-15. Mr. Karthigeyan Srinivasan was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). Subsequently, the applicant was appointed as the Liquidator. The liquidator sought the transfer of records and accounts of the Corporate Debtor, updated to the date of the liquidation order. The IRP/RP failed to hand over the records, citing a pending matter before the NCLAT and the Supreme Court, and a status quo order until 2018-03-21. The records were maintained in cloud

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Inasra Technologies Private Limited on 2017-09-15. Mr. Karthigeyan Srinivasan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, Mr. S. Kannan was appointed as the Liquidator. The Liquidator filed an application seeking directions against the respondents to provide necessary documents and information. The IRP/RP failed to hand over the records, citing a pending matter before the NCLAT and the Supreme Court, and a status quo order until 2018-03-21. The records were maintained in cloud storage with Amazon Web Services, but due to non-payment of fees of Rs. 65,000/-, the electronic data was inaccessible and deleted. The

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## Issues and analysis

### Issue 1: Whether the respondents are obligated to provide the necessary documents and information to the …

**Ratio:** Section 17(1)(c) of the I&B Code, 2016, mandates that the officers and managers of

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**Reasoning:** The Tribunal reasoned that the respondents are under a legal obligation to provide the

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**Interpretation:** The I&B Code places a clear obligation on the officers and managers of the

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**Application:** The Tribunal applied this ratio to the facts of the case, finding that the

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** S. Ka…
- **Respondents:** Inasra Technologie…; Karthigeyan…
- **Advocates:** M.S. Viswa…; K.Anusa…; +3 more

## Timeline

- **2017-09-15 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Inasra…
- **2018-03-21 — Status Quo…**: A status quo order was in effect until…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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