# In the matter of Sagar Power (Neerukatte) Private Limited I.A No. 361 of 2021 & I.A No. 568 of 2022 in C.P (IB) No. 243-BB-2018

> NCLT judgment dated 23 Jun 2023. Citation: TCN-2023-NCLT-02818. The Resolution Professional filed an application seeking directions for the respondents to…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02818
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sagar-power-neerukatte-private-limited-ia-no-361-of-2021-ia-no-568-of-2022-in-cp-115d58d4

## Summary

### Background

The Resolution Professional filed an application seeking directions for the respondents to provide original documents related to land acquisitions and financial statements of the Corporate Debtor. The Liquidator also filed an application seeking an interim order to restrain the respondents from trespassing or dealing with the Corporate Debtor's properties.

## Facts

The Resolution Professional (applicant) filed an application under Section 19(2) read with Section 60(5) of the I&B Code, 2016, seeking directions for the respondents to provide original documents related to land acquisitions and financial statements. These documents include details of land parcels valued at Rs. 5.19 Crores and land parcels from a sale agreement dated October 11, 2018, admeasuring 21.39 acres and amounting to Rs. 12.40 Crores. The applicant also sought full cooperation from ex-directors/management for completing statutory compliances and the Corporate Insolvency Resolution Process (CIRP).

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## Issues and analysis

### Issue 1: Whether the ex-directors/management of the Corporate Debtor are obligated to provide original…

**Ratio:** Personnel of the corporate debtor, its promoters, or any other person associated with the…

**Reasoning:** The Adjudicating Authority referred to Section 19 and Section 34(3) of the IBC, which…

**Interpretation:** The court interpreted Section 19 and Section 34(3) of the IBC to mean that the…

**Application:** The court applied this interpretation to direct Respondent No. 1 and other…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Advocates:** For the Applicant:…

## Timeline

- **December 28, 2020 — CoC Meet…**: Committee of Creditors requested information from respondents regarding land parcels,…
- **January 2021 — Lack of Coop…**: Applicant not provided necessary…

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