# In the matter of Sikka Paper Ltd. & Ors. (IB)-939(PB)-2018

> NCLT judgment dated 2020-01-15. Citation: TCN-2020-NCLT-02329. The Resolution Professional (RP) filed an application seeking directions against the…

- **Court:** NCLT
- **Order date:** 15 Jan 2020
- **Citation:** TCN-2020-NCLT-02329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sikka-paper-ltd-ors-ib-939pb-2018-9ff27856

## Summary

### Background

The Resolution Professional (RP) filed an application seeking directions against the ex-director/respondent no. 1, Mr. Vikas Bansal, to provide necessary information, records, and documents, as well as cooperation to the RP to fulfill his duties and obligations according to the Committee of Creditors (CoC). The applicant claims that respondent no. 1, representing the promoter/directors, attended all CoC meetings but failed to provide property documents and financial statements. The first respondent stated that since the third director is not there, the balance sheets could not be signed, therefore, he is unable to provide financial statements with the RP. As to property documents he says that since the factory is not under his control, he could not provide documents.

## Facts

The Resolution Professional (RP) filed an application seeking directions against Mr. Vikas Bansal, the ex-director/respondent no. 1, to provide necessary information, records, and documents. Mr. Bansal, representing the promoter/directors, attended all CoC meetings but failed to provide property documents and financial statements. Mr. Bansal claimed he could not provide financial statements because the third director was absent and balance sheets couldn't be signed. He also stated he couldn't provide property documents because the factory was not under his control. The RP argued that the directors are obligated to provide these documents. The registered office is located at S-136, Ground Floor, Greater Kailash-1, New Delhi-110041.

## Issues and analysis

### Issue 1: Whether the first respondent is liable to produce all necessary documents and financial statements …

**Ratio:** Directors of a company are bound to keep the books and documents of the company in their

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**Reasoning:** The court reasoned that the directors of a company are legally obligated to maintain and

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**Interpretation:** This legal issue concerns the responsibilities and obligations of company

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**Application:** The court applied this principle to the specific facts, noting that the first

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## Parties

- **Judges:** B.S.V. Prakash…; SH. S. K.…
- **Appellants:** Oreintal Bank of…
- **Respondents:** M/s. Sikka Papers…

## Timeline

- **2020-01-15 — Order Del…**: The order was delivered…

## 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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