# In the matter of Fatehpuria Transformers and Switchgears Pvt. Ltd.

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00033. The application was filed by M/S Airen Copper Private Limited, the Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fatehpuria-transformers-and-switchgears-pvt-ltd-004d17b1

## Summary

### Background

The application was filed by M/S Airen Copper Private Limited, the Operational Creditor, under Section 60(5) of the Insolvency & Bankruptcy Code read with Rule 11 of NCLT Rules, 2016, seeking a direction for M/S Fatehpuria Transformers and Switchgears Pvt. Ltd., the Corporate Debtor, to file its balance sheet for the financial year 2019-20 with a complete party-wise list of trade receivables and payables. The Operational Creditor claimed an amount of Rs. 22,21,009/- was recoverable as of 31.03.2020. The Corporate Debtor filed its balance sheet on 16.05.2023, showing trade receivables of Rs. 39,73,77,204/- and trade payables of Rs. 22,27,83,302/- as of 31.03.2020, but without party-wise details. The Operational Creditor argued that the Corporate Debtor's balance

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## Facts

M/S Airen Copper Private Limited, the Operational Creditor, filed an application seeking a direction for M/S Fatehpuria Transformers and Switchgears Pvt. Ltd., the Corporate Debtor, to file its balance sheet for the financial year 2019-20 with party-wise details of trade receivables and payables. The Operational Creditor claimed Rs. 22,21,009/- was recoverable from it as of 31.03.2020. The Corporate Debtor filed its balance sheet on 16.05.2023, showing trade receivables of Rs. 39,73,77,204/- and trade payables of Rs. 22,27,83,302/- as of 31.03.2020, but without party-wise details. The Corporate Debtor objected to the application, arguing that the Operational Creditor was seeking production of documents to cure a lacuna in its main petition and that IBC proceedings are

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the power to direct the Corporate Debtor to produce a list …

**Ratio:** The Adjudicating Authority, under Rule 43 of the National Company Law Tribunal Rules,

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**Reasoning:** The court reasoned that a bare perusal of Rule 43 shows that the Adjudicating Authority

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**Interpretation:** This means that the Adjudicating Authority is not bound by the procedure laid

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**Application:** In this case, the court found that the list of trade receivables and trade

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** M/S AIREN COPPER…
- **Respondents:** M/S FATEHPURIA…
- **Advocates:** Ajay At…; Aman Kac…

## Timeline

- **2020-03-31 — Operational Creditor's…**: M/S Airen Copper Private Limited claimed an amount of Rs. 22,21,009/- was recoverable…
- **2023-02-08 — Tribunal Di…**: The Tribunal directed both parties to file their Balance Sheets for the Financial Year…

## 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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