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

> NCLT judgment dated 2020-01-15. Citation: TCN-2020-NCLT-02328. The Resolution Professional (RP) filed an application seeking directions against the…

- **Court:** NCLT
- **Order date:** 15 Jan 2020
- **Citation:** TCN-2020-NCLT-02328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sikka-paper-ltd-ors-ib-939pb-2018-a542c121

## 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 filed a response stating that since the third director is not present, the balance sheets could not be signed, preventing the provision of financial statements to the RP. Regarding property documents, the respondent stated that the factory is not under his control,

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## 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. 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 filed a response stating that since the third director is not present, the balance sheets could not be signed, preventing the provision of financial statements to the RP. Regarding property documents, the respondent stated that the factory is not under his control, preventing him from providing the documents. The court noted that the directors of the company are obligated to keep the books

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## 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 first respondent, as a director, is obligated to provide the

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**Interpretation:** This legal issue concerns the duties and responsibilities of directors of a

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**Application:** The ratio and reasoning apply to the specific facts of the case, as 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…**: Order delivered on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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