# In the matter of Jaipur Metals & Electricals Ltd. IA No. 46,99,110,174-JPR-2019 in IB No. 54(PB)-2018

> NCLT judgment dated 2019-06-13. Citation: TCN-2019-NCLT-02928. The case involves an application (IA No. 99/JPR/2019) seeking directions against the…

- **Court:** NCLT
- **Order date:** 13 Jun 2019
- **Citation:** TCN-2019-NCLT-02928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaipur-metals-electricals-ltd-ia-no-4699110174-jpr-2019-in-ib-no-54pb-2018-0d1ede07

## Summary

### Background

The case involves an application (IA No. 99/JPR/2019) seeking directions against the respondents to handover possession of assets related to the management and affairs of the Corporate Debtor and to extend cooperation. The Resolution Professional (RP) has not received records or details of asset possession from the respondents. The respondents are nominees appointed by the State Government of Rajasthan, which has acquired control and management of the Corporate Debtor under the Jaipur Metals and Electricals Ltd. Act (Acquisition of shares Act, 1986). The State Government of Rajasthan is in control of the management and affairs of the Corporate Debtor. A cooperative society of workers is also a major shareholder.

## Facts

Alchemist Asset Reconstruction Company Ltd. initiated proceedings against Jaipur Metals & Electricals Ltd. (JMEL) under Section 7 of the IBC, 2016. The Resolution Professional (RP) has not received records or details of asset possession from the respondents, who are nominees appointed by the State Government of Rajasthan. The State Government of Rajasthan has acquired control and management of the Corporate Debtor under the Jaipur Metals and Electricals Ltd. Act (Acquisition of shares Act, 1986). The RP has been attempting to obtain the necessary documents and details from the respondents since December 2018. The respondents claim to have forwarded requisitions made by the RP to the State Government. The application (IA No. 99/JPR/2019) seeks directions against the

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## Issues and analysis

### Issue 1: Whether the respondents are obligated to handover the possession of assets regarding management and …

**Ratio:** The Resolution Professional (RP) is entitled to receive all necessary information and

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**Reasoning:** The court's reasoning is based on the need for the RP to have access to all relevant

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**Interpretation:** The legal issue revolves around the interpretation of the duties and

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**Application:** The ratio and reasoning apply to the specific facts of the case, where the

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** Alchemist Asset…
- **Respondents:** Jaipur Metals &…

## Timeline

- **2018-12-01 — RP Attempts to Obtain…**: The Resolution Professional (RP) states that from December 2018, they have sent various…
- **2019-04-04 — Application…**: This application is filed on 4th April, 2019, but till date as per RP, they have not…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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