The case involves an application (CA-871/2019) within an insolvency proceeding (IB-979/(ND)/2019) under Section 7 of the IBC code 2016. The ex-management of the Corporate Debtor was directed to provide tally data to the Resolution Professional (RP), now succeeded by the Liquidator, regarding the Corporate Debtor's operations. The Respondents (Nos. 1 & 2) failed to comply with this order for two years. They claimed that the tally data was stolen when a macbook computer was stolen in January 2019, and a police complaint was filed. However, the balance sheet for the year ending 2018-19 was signed by the Ex-Director on 15.05.2019, contradicting the claim that the data was stolen on 04.01.2019.
Punjab National Bank initiated insolvency proceedings against M/s. Gupta Marriage Halls Pvt. Ltd. The ex-management of Gupta Marriage Halls Pvt. Ltd. was directed to provide tally data to the Resolution Professional (RP), who was later succeeded by the Liquidator. The Respondents (Nos. 1 & 2), representing the ex-management, failed to comply with this order for two years. The Respondents claimed that the tally data was stolen when a macbook computer was stolen in January 2019, and a police complaint was filed on 04.01.2019. However, the balance sheet for the year ending 2018-19 was signed by the Ex-Director on 15.05.2019. This fact is crucial because it contradicts the Respondents' claim that the tally data was unavailable due to the theft. The Liquidator is
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The case involves an application (CA-871/2019) within an insolvency proceeding (IB-979/(ND)/2019) under Section 7 of the IBC code 2016. The ex-management of the Corporate Debtor was directed to provide tally data to the Resolution Professional (RP), now succeeded by the Liquidator, regarding the Corporate Debtor's operations. The Respondents (Nos. 1 & 2) failed to comply with this order for two years. They claimed that the tally data was stolen when a macbook computer was stolen in January 2019, and a police complaint was filed. However, the balance sheet for the year ending 2018-19 was signed by the Ex-Director on 15.05.2019, contradicting the claim that the data was stolen on 04.01.2019.
Punjab National Bank initiated insolvency proceedings against M/s. Gupta Marriage Halls Pvt. Ltd. The ex-management of Gupta Marriage Halls Pvt. Ltd. was directed to provide tally data to the Resolution Professional (RP), who was later succeeded by the Liquidator. The Respondents (Nos. 1 & 2), representing the ex-management, failed to comply with this order for two years. The Respondents claimed that the tally data was stolen when a macbook computer was stolen in January 2019, and a police complaint was filed on 04.01.2019. However, the balance sheet for the year ending 2018-19 was signed by the Ex-Director on 15.05.2019. This fact is crucial because it contradicts the Respondents' claim that the tally data was unavailable due to the theft. The Liquidator is
…The ex-management was directed to provide…
Respondents claimed that the macbook…
Sign in to view related legal provisions.