# In the matter of Atlas Alloy (India) Pvt. Ltd. IA No. 424-JPR-2019
In CP No. (IB)- 205-7-JPR-2019

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04331. The case involves an application (IA No. 424/JPR/2019) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/atlas-alloy-india-pvt-ltd-ia-no-424-jpr-2019-in-cp-no-ib-205-7-jpr-2019-c70a9ea3

## Summary

### Background

The case involves an application (IA No. 424/JPR/2019) filed by the Resolution Professional (RP) of Atlas Alloy (India) Pvt. Ltd. ('Corporate Debtor') under Section 19 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had previously admitted an application under Section 7 of the IBC filed by the Financial Creditor via an order dated 20.09.2019. The RP filed the application because the personnel of the corporate debtor were not extending their assistance and cooperation.

## Facts

Atlas Alloy (India) Pvt. Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). Punjab National Bank is the Financial Creditor. Satyendra Prasad Khurania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Adjudicating Authority admitted the application under Section 7 of the IBC filed by the Financial Creditor on 20.09.2019. The RP filed an application (IA No. 424/JPR/2019) under Section 19 of the IBC, alleging non-cooperation from the corporate debtor's personnel. The suspended directors (Respondents 1 and 2) denied the allegations, claiming suppression of material facts by the Financial Creditor and lack of information about the CIRP order. The Financial Creditor had taken possession of the

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 19 of the Insolvency and …

**Ratio:** Section 19(1) of the IBC mandates that the personnel of the Corporate Debtor, its

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**Reasoning:** The court considered the arguments advanced, submissions put forth, and documents placed

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**Interpretation:** Section 19(1) of the IBC is interpreted to impose a mandatory obligation on the

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**Application:** The court applied the ratio of Section 19(1) to the facts of the case, where

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Respondents:** Atlas Alloy…; Kumud Baduni D/o…

## Timeline

- **2016-03-31 — Balance Sheet…**: Balance sheet was last…
- **2016-09-30 — Annual General…**: Annual General Meeting (AGM)…

## 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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