# In the matter of Duckbill Drugs Private Limited IA No. 604-KB-2021 in C.P. (IB) No. 972-KB-2018

> NCLT judgment dated 2022-02-16. Citation: TCN-2022-NCLT-04110. Bell Finvest (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against…

- **Court:** NCLT
- **Order date:** 16 Feb 2022
- **Citation:** TCN-2022-NCLT-04110
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/duckbill-drugs-private-limited-ia-no-604-kb-2021-in-cp-ib-no-972-kb-2018-4b1650fd

## Summary

### Background

Bell Finvest (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Duckbill Drugs Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2019-12-17, and an Interim Resolution Professional (IRP) was appointed. Subsequently, a liquidation order was passed on 2021-04-13, directing the promoters and ex-directors of the Corporate Debtor to cooperate with the liquidator. The respondents/ex-directors failed to comply with the orders of the Adjudicating Authority, including handing over possession of assets, books of accounts, and other relevant information to the liquidator. Several orders were passed directing compliance, but the respondents continued to flout these orders.

## Facts

Bell Finvest (India) Limited initiated CIRP against Duckbill Drugs Private Limited under Section 7 of the IBC. The CIRP was initiated due to the corporate debtor's inability to pay its debts. The petition was admitted on 2019-12-17, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the Interim Resolution Professional (IRP). Subsequently, the company was ordered into liquidation on 2021-04-13, and CA Santanu Brahma was appointed as the liquidator. The ex-directors of the Corporate Debtor, including Mr. Swapan Mukherjee and Mr. Arjun Mukherjee, failed to cooperate with the liquidator and did not hand over possession of the company's assets, books of accounts, and other relevant information. The liquidator made several attempts to gain possession of the assets

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## Issues and analysis

### Issue 1: Whether the ex-directors of the Corporate Debtor have failed to comply with the orders of the …

**Ratio:** The Adjudicating Authority has the power to issue orders and directions to ensure

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**Reasoning:** The court observed that the ex-directors had repeatedly failed to comply with its orders,

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**Interpretation:** The interpretation of the relevant provisions of the IBC and the Companies Act,

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**Application:** In this case, the ex-directors' failure to comply with the orders of the

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## Parties

- **Judges:** Rohit K…; Harish Chander…
- **Appellants:** Bell Finvest…
- **Respondents:** Duckbill Drugs…; Swapan Muk…

## Timeline

- **2019-12-17 — CIRP Comm…**: Petition admitted and Mr. Bhupendra Singh Narayan Singh Rajput appointed as Interim…
- **2021-04-13 — Liquidation…**: Order of liquidation passed, and specific directions given to the personnel of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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