# 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-04220. The case involves an application (MA/56/2019) in connection with a corporate insolvency…

- **Court:** NCLT
- **Order date:** 1 Apr 2019
- **Citation:** TCN-2019-NCLT-04220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/servalakshmi-paper-ltd-ma-56-2019-in-cp-514-ib-2017-67c02303

## Summary

### Background

The case involves an application (MA/56/2019) in connection with a corporate insolvency resolution process (CP/514/IB/2017). The Liquidator and counsels for the respondents are present. The respondents have already filed a counter.

## Facts

The application number is MA/56/2019, related to CP/514/IB/2017. The petitioner is Servalakshmi Paper Ltd. The respondents include Indian Overseas Bank & 2 others. The Liquidator and counsels for the respondents are present. The respondents have filed a counter. The Liquidator is directed to provide information to the respondents within a week, after which the respondents are directed to make payment by 2019-04-22. The Liquidator is also directed to provide details of key managerial personnel to Respondent No. 3.

## Issues and analysis

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

**Ratio:** The court has the power to direct the Liquidator to provide necessary information to

…

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

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**Interpretation:** This implies that the court interprets its powers under the IBC to include

…

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

…

## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** SERVALAKSHMI…
- **Respondents:** Indian Overseas…

## Timeline

- **2018-04-01 — Hearing…**: Hearing of Chennai Bench, Chennai National…
- **2019-04-22 — Payment De…**: Respondents Nos. 1 and 2 are 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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