# In the matter of Sri Gangadhara Steels Limited IA No. 151,152 & 222-2019 In CP(IB) No. 40-7-HDB-2017

> NCLT judgment dated 2019-04-05. Citation: TCN-2019-NCLT-04106. The case involves a company petition under the Insolvency and Bankruptcy Code (IBC). Several…

- **Court:** NCLT
- **Order date:** 5 Apr 2019
- **Citation:** TCN-2019-NCLT-04106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-gangadhara-steels-limited-ia-no-151152-222-2019-in-cpib-no-40-7-hdb-2017-cf9897e4

## Summary

### Background

The case involves a company petition under the Insolvency and Bankruptcy Code (IBC). Several Interlocutory Applications (IAs) were filed, including IA No. 151, 152, and 222 of 2019, in connection with CP(IB) No. 40/7/HDB/2017. The IAs were filed in the National Company Law Tribunal (NCLT), Hyderabad Bench.

## Facts

The case involves Sri Gangadhara Steels Limited as the Corporate Debtor. PEC Limited is the petitioner. Several IAs were filed in connection with the company petition. IA No. 152/2019 was filed by the liquidator against Mr. Venkanna Sharvirala (R1), Ramkrishna Sharvirala (R2), Ranganayaki Sharvirala (R3) (suspended Board of Directors), and Mr. Vikram Kumar (R4) (Resolution Professional). The liquidator sought cooperation and handover of documents. IA No. 151/2019 was closed as not pressed. IA No. 222/2019 involves sending notice to the respondent for appearance.

## Issues and analysis

### Issue 1: Whether the suspended Board of Directors (R1, R2, and R3) should be directed to cooperate with the …

**Ratio:** The principle is that the Liquidator requires the cooperation of the former management to

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**Reasoning:** The court considered the submissions made by the Liquidator and found it necessary for

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**Interpretation:** This issue involves the interpretation of the duties and responsibilities of

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**Application:** The court applied the principle by directing R1, R2, and R3 to cooperate with

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** PEC LIM…
- **Respondents:** Gangadhara Steels…
- **Advocates:** G.KAL…; N.Sri Keu…; +1 more

## Timeline

- **2017-01-01 — CP(IB) NO. 40/7…**: Company Petiti…
- **2019-04-05 — Hearing…**: Hearing held on…

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