# In the matter of Rolex Cycles Private Limited CA Nos. 122 to 124-2017 IN CP (IB) No. 37-Chd-Pb-2017

> NCLT judgment dated 2017-09-08. Citation: TCN-2017-NCLT-00440. The case involves an application filed by the Interim Resolution Professional (IRP), Anil…

- **Court:** NCLT
- **Order date:** 8 Sept 2017
- **Citation:** TCN-2017-NCLT-00440
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rolex-cycles-private-limited-ca-nos-122-to-124-2017-in-cp-ib-no-37-chd-pb-2017-cf730d23

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP), Anil Kumar, seeking directions under Section 19(2) and 19(3) of the Insolvency and Bankruptcy Code, 2016, due to the non-cooperative attitude of the personnel of the Corporate Debtor, Rolex Cycles Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed under Section 9 of the Code by Hero Steels Limited, which was admitted on 13.07.2017, and a moratorium was declared. The IRP faced significant resistance in taking control of the Corporate Debtor's management and accessing necessary information and assets. Several applications and replies were filed, including objections to the IRP's appointment and actions.

## Facts

Hero Steels Limited initiated Corporate Insolvency Resolution Process (CIRP) against Rolex Cycles Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 2017-07-13. Anil Kumar was appointed as the Interim Resolution Professional (IRP). The IRP faced non-cooperation from the Corporate Debtor's personnel, including Mr. Ashwini Kumar Prabhakar, who refused to hand over control and provide access to books of accounts and other necessary information. The IRP visited the Corporate Debtor's premises and found it lacking in assets and records. The IRP received a phone call from someone claiming to be a policeman from Ludhiana. The IRP received email from R-2 stating that the Applicant tried to lock the premises. The IRP received

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## Issues and analysis

### Issue 1: Whether the Applicant, as an Interim Resolution Professional, can function after the expiry of his …

**Ratio:** The court relied on the principle that the Insolvency and Bankruptcy Code is a complete

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**Reasoning:** The court reasoned that the proceedings before the IRP or the Resolution Professional

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**Interpretation:** The court interpreted Section 16(5) of the Code, which states that the term of

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**Application:** The court applied the principle that the IRP would continue to function as a

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** Anil K…
- **Respondents:** Rolex Cycles…

## Timeline

- **2017-07-13 — Admission of Section 9…**: The petition filed under Section 9 of the 'code' titled "Hero Steels Limited Vs. Rolex…
- **2017-07-20 — Appointment…**: Mr. Anil Kumar was appointed as the…

## 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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