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

> NCLT judgment dated 2020-05-18. Citation: TCN-2020-NCLT-01355. The case originates from a petition filed by Ashapura Perfoclay Limited under Section 9 of the…

- **Court:** NCLT
- **Order date:** 18 May 2020
- **Citation:** TCN-2020-NCLT-01355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mahabir-techno-ltd-ca-no32019-in-cp-ib-no-70chdhry2018-5a8a3bf8

## Summary

### Background

The case originates from a petition filed by Ashapura Perfoclay Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016, leading to the initiation of the 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). CA No.3/2019 was filed by the RP seeking directions for the suspended board of directors and their associates of Mahabir Techno to submit all necessary documents, financial data, and assets to facilitate the CIRP. The respondents failed to provide the required information despite multiple opportunities.

## Facts

Ashapura Perfoclay Limited initiated Corporate Insolvency Resolution Process (CIRP) against Mahabir Techno Ltd. via a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016. 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 for the suspended board of directors and their associates to submit necessary documents, financial data, and assets. The respondents, including directors of Mahabir Techno, failed to provide the required information despite multiple opportunities. They claimed that the Union Bank of India had taken over the administrative office under the SARFAESI Act, and a laptop containing crucial data was lost. 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 of the Insolvency and Bankruptcy Code, 2016, mandates that the personnel of

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**Reasoning:** The court reasoned that the respondents' failure to furnish the required documents and

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**Interpretation:** Section 19 is interpreted to impose a mandatory obligation on all relevant

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**Application:** The court applied the ratio to the facts by highlighting that the respondents'

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Ashapura Perfoclay…
- **Respondents:** Mahabir Techno…; Om Parkash…

## Timeline

- **2018-10-30 — Order for Initiation of…**: Order was passed for initiation of Corporate Insolvency Resolution Process (CIRP) in the…
- **2018-11-29 — First Meeting of…**: The first meeting of the Committee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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