# 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-04230. 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-04230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/servalakshmi-paper-ltd-ma-56-2019-in-cp-514-ib-2017-a79b6353

## Summary

### Background

The case involves an application (MA/56/2019) in a corporate insolvency resolution process (CP/514/IB/2017) before the National Company Law Tribunal (NCLT), Chennai Bench. The liquidator and counsels for the respondents (Indian Overseas Bank & 2 others) are present. The respondents have already filed a counter. The liquidator is directed to provide information sought by the respondents within a week. The respondents are directed to make payment on or before 22-04-2019. The liquidator is also directed to provide details of key managerial personnel to Respondent No. 3.

## Facts

The Servalakshmi Paper Ltd initiated a corporate insolvency resolution process under CP/514/IB/2017. An application, MA/56/2019, was filed within this process. The respondents, including Indian Overseas Bank, have filed a counter. The liquidator is required to provide information to the respondents. The respondents are required to make a payment by 2019-04-22. The liquidator must also provide details of key managerial personnel to Respondent No. 3. The case was heard on 2018-04-01.

## Issues and analysis

### Issue 1: Whether the liquidator should be directed to provide information to the respondents within a …

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

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**Reasoning:** The court reasoned that providing information is crucial for the respondents to

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**Interpretation:** This implies that the court interprets its powers under the Insolvency and

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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…

## Timeline

- **2018-04-01 — Hearing…**: Hearing held at 10.30 AM…
- **2019-04-22 — Payment De…**: Respondents directed to make…

## 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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