# In the matter of Mahabir Techno Limited CA No.3/2019 in CP (IB) No. 70-Chd-Hry-2018

> NCLT judgment dated 2020-05-18. Citation: TCN-2020-NCLT-01354. The case pertains to CA No.3/2019 filed in CP (IB) No. 70/Chd/Hry/2018 before the National…

- **Court:** NCLT
- **Order date:** 18 May 2020
- **Citation:** TCN-2020-NCLT-01354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mahabir-techno-limited-ca-no32019-in-cp-ib-no-70-chd-hry-2018-94f6c869

## Summary

### Background

The case pertains to CA No.3/2019 filed in CP (IB) No. 70/Chd/Hry/2018 before the National Company Law Tribunal (NCLT), Chandigarh Bench. The petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Ashapura Perfoclay Limited, which was admitted on 30.10.2018 for initiating Corporate Insolvency Resolution Process (CIRP) for Mahabir Techno Ltd. Vinod Kumar Mahajan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP filed CA No.3/2019 seeking directions to the suspended board of directors and their associates of Mahabir Techno to submit all requisite books, financial data, information, returns, and assets to facilitate the CIRP.

## Facts

Ashapura Perfoclay Limited initiated Corporate Insolvency Resolution Process (CIRP) against Mahabir Techno Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was admitted on 30.10.2018. Vinod Kumar Mahajan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP filed CA No.3/2019 seeking directions to the former directors of Mahabir Techno to submit necessary documents and information. The respondents, former directors of Mahabir Techno, failed to provide the required documents, citing reasons such as the takeover of the company's assets by Union Bank of India under the SARFAESI Act on 05.10.2018 and the loss of a laptop containing electronic data on 03.10.2018. The RP filed a

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## Issues and analysis

### Issue 1: Whether the respondents No. 1 to 5 have complied with the provisions of Section 19 of the …

**Ratio:** Section 19(2) of the Code mandates that the personnel of the corporate debtor, its

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**Reasoning:** The NCLT found that the respondents had failed to provide the necessary documents and

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**Interpretation:** Section 19 of the Code places a clear obligation on the former directors and

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**Application:** The NCLT applied the provisions of Section 19 to the facts of the case and

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Ashapura Perfoclay…
- **Respondents:** Mahabir Techno…; Om Parkash…
- **Advocates:** M.S. Kh…; Tarun Dh…

## Timeline

- **2018-10-30 — Admission of CIRP…**: Application filed by Ashapura Perfoclay Limited under Section 9 of the Insolvency &…
- **2018-11-29 — First Meeting of…**: The first meeting of the Committee…

## 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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