# In the matter of Corporate Power Ltd. IA(I.B) No. 82-KB-2021
In CP (IB) No. 23-KB-2019

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02949. The case involves an application under Section 19(2) of the Insolvency & Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02949
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/corporate-power-ltd-iaib-no-82-kb-2021-in-cp-ib-no-23-kb-2019-501ad4c2

## Summary

### Background

The case involves an application under Section 19(2) of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution Professional (CIRP) based on a petition filed by Asset Reconstruction Company India Ltd. The Applicant, Pankaj Dhanuka, was appointed as the Interim Resolution Professional. The Applicant requested the Respondents to provide necessary assistance and information related to the Corporate Debtor. However, the Respondents cited the COVID-19 lockdown as a reason for their inability to provide the required information. The Applicant sent numerous reminders, but the Respondents continued to provide the same excuse. A fire broke out at the Corporate Debtor's plant, and the Applicant

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## Facts

The Adjudicating Authority admitted Corporate Power Ltd. into Corporate Insolvency Resolution Professional (CIRP) based on a petition filed by Asset Reconstruction Company India Ltd. Pankaj Dhanuka was appointed as the Interim Resolution Professional. The Applicant requested information and assistance from the Respondents, including Manoj Kumar Jayaswal, Satish Shrikhandek, and Vipin Khodke. The Respondents repeatedly failed to provide the necessary information, citing the COVID-19 lockdown as the reason. A fire occurred at the Corporate Debtor's plant, requiring essential documents for an insurance claim, which were held by the Respondents. The Applicant sent numerous email reminders for the information, but the Respondents did not comply. The Respondents claimed that

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## Issues and analysis

### Issue 1: Whether the Respondents were justified in withholding necessary information and documents from the …

**Ratio:** The principle of cooperation and transparency is paramount in the CIRP process, requiring

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**Reasoning:** The court found that the Respondents' repeated reliance on the COVID-19 lockdown as an

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**Interpretation:** The interpretation emphasizes the obligation of all parties to actively

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**Application:** The court applied this principle by directing the Respondents to provide all

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Pankaj Dh…
- **Respondents:** Corporate Power…; Manoj Kumar…

## Timeline

- **2020-02-19 — Order for CIRP…**: Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution…
- **2020-04-09 — CIRP Initiation…**: Applicant intimated the…

## 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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