# In the matter of Tebma Shipyard Ltd.

> NCLT judgment dated 2019-05-29. Citation: TCN-2019-NCLT-03144. The case involves an application and a petition before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 29 May 2019
- **Citation:** TCN-2019-NCLT-03144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tebma-shipyard-ltd-0c42d8be

## Summary

### Background

The case involves an application and a petition before the National Company Law Tribunal (NCLT), Chennai Bench. The hearing was held on May 29, 2019. The matter pertains to the finalization of accounts of the Corporate Debtor.

## Facts

The application number is MA/243/2019 and the petition number is CP/738/IB/2018. Balakrishnan Venkatachalam is the petitioner, and Vijay Kumar & 3 others are the respondents. The case is under Section 19 of the IBC. Mr. Gunasekaranathan agreed to finalize the accounts of the Corporate Debtor and attend the office every Sunday, subject to travel expense payments. The court directed Mr. Gunasekaranathan to complete the accounts expeditiously. The matter was adjourned for reporting progress on the finalization of accounts.

## Issues and analysis

### Issue 1: Whether Mr. Gunasekaranathan should be directed to finalize the accounts of the Corporate Debtor …

**Ratio:** The court has the power to issue directions to ensure the smooth progress of the

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**Reasoning:** Based on the affidavit filed by Mr. Gunasekaranathan, where he agreed to finalize the

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**Interpretation:** This issue involves the interpretation of the court's powers under the IBC to

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** Balakrishnan…
- **Respondents:** VIJAY KUMAR & 3…

## Timeline

- **2018-01-01 — Petition…**: CP/738/IB/2018 petition…
- **2019-05-29 — Hearing…**: Hearing held at Chennai…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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