# In the matter of Kaliber Associates Pvt. Ltd. (IB)228(PB)-2018

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01893. The case involves Relan Buildwell Pvt. Ltd. and Kaliber Associates Pvt. Ltd. An application was…

- **Court:** NCLT
- **Order date:** 20 Aug 2019
- **Citation:** TCN-2019-NCLT-01893
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kaliber-associates-pvt-ltd-ib228pb-2018-59281a27

## Summary

### Background

The case involves Relan Buildwell Pvt. Ltd. and Kaliber Associates Pvt. Ltd. An application was filed by the Resolution Professional (RP) due to non-cooperation from the Ex-Directors. A vague email was received from the Ex-Directors as an explanation for queries, but it lacked cogent explanation. The Ex-Directors are directed to file an affidavit with details of all available information in a tabulated form. The statutory auditor confirmed that no sale of immovable property was brought to his notice during the auditing of the Corporate Debtor's account. The Ex-Directors' statement about properties being sold way back appears baseless. The Ex-Directors are granted an opportunity to file details of sales/proceeds along with their affidavit. The statutory auditor, Mr.

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## Facts

Relan Buildwell Pvt. Ltd. is involved in a case with Kaliber Associates Pvt. Ltd. The Resolution Professional (RP) filed an application citing non-cooperation from the Ex-Directors. The Ex-Directors provided a vague email as an explanation, which the court found inadequate. The Ex-Directors are now required to submit an affidavit detailing all available information. The statutory auditor confirmed that no sale of immovable property was reported during the audit. The Ex-Directors claimed properties were sold earlier, but this claim appears baseless. The statutory auditor, Mr. Satish Verma, is also directed to file an affidavit regarding the preparation of audited accounts and financial statements. The RP's counsel suggested the case requires investigation.

## Issues and analysis

### Issue 1: Whether the Ex-Directors have adequately cooperated with the Resolution Professional (RP) in …

**Ratio:** The principle of cooperation with the Resolution Professional (RP) is essential for the

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**Reasoning:** The court observed that the Ex-Directors' explanation was vague and lacked cogent

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**Interpretation:** The IBC emphasizes the importance of transparency and cooperation from all

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**Application:** In this case, the Ex-Directors' initial response was deemed insufficient,

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Appellants:** Rajiv M…
- **Respondents:** Relan Buildwell…; U. K. Cha…
- **Advocates:** Rajiv M…; Puneet Singh…; +8 more

## Timeline

- **2019-08-19 — Email from Ex-…**: A vague email was received from the…
- **2019-08-20 — Hearing…**: Hearing before the National Company…

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