# In the matter of Servalakshmi Paper Ltd. MA-56-2019 in CP-514-IB-2017

> NCLT judgment dated 2019-04-01. Citation: TCN-2019-NCLT-04234. The case involves an application (MA/56/2019) in a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 1 Apr 2019
- **Citation:** TCN-2019-NCLT-04234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/servalakshmi-paper-ltd-ma-56-2019-in-cp-514-ib-2017-0837ce66

## Summary

### Background

The case involves an application (MA/56/2019) in a corporate insolvency resolution process (CP/514/IB/2017). The liquidator is present with his counsel, as are the counsels for Respondent Nos. 1 and 2. The respondents have already filed a counter. The liquidator is directed to provide information sought by Respondent Nos. 1 and 2 within a week. After receiving the information/documents, Respondent Nos. 1 and 2 are directed to make payment on or before 2019-04-22.

## Facts

The case originates from a Corporate Insolvency Resolution Process (CIRP) initiated under CP/514/IB/2017. MA/56/2019 is an application within this CIRP. Servalakshmi Paper Ltd is the petitioner. Indian Overseas Bank and two others are the respondents. The liquidator is present with his counsel, and the counsels for Respondent Nos. 1 and 2 are also present. Respondent Nos. 1 and 2 have already filed a counter. The liquidator is directed to provide information sought by Respondent Nos. 1 and 2 within a week. Respondent Nos. 1 and 2 are directed to make payment on or before 2019-04-22. The liquidator is also directed to provide the details of the Key Managerial Personnel/Managing Director/Whole time Director to Respondent No.3. The case was heard on 2018-04-01.

## Issues and analysis

### Issue 1: Whether the liquidator should be directed to …

**Ratio:** The principle of facilitating information exchange in insolvency proceedings to ensure

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**Reasoning:** The court reasoned that providing the requested information would enable the respondents

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**Interpretation:** This involves interpreting the procedural rules of the IBC, which emphasize

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**Application:** The court applied this principle by directing the liquidator to provide the

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** SERVALAKSHMI…
- **Respondents:** Indian Overseas…
- **Advocates:** Akhil Bha…; Aashish…; +5 more

## Timeline

- **2018-04-01 — Hearing…**: Hearing held at 10.30…
- **2019-04-22 — Payment De…**: Respondent Nos. 1 and 2 directed to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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