# In the mater of Bhandari Deepak Industries Pvt. Ltd. IA No. 666-2021 in CP (IB) No. 269-Chd-HP-2019

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05083. The application was filed by the Board of Suspended Directors of the corporate debtor, Bhandari…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-mater-of-bhandari-deepak-industries-pvt-ltd-ia-no-666-2021-in-cp-ib-no-26-14cc749c

## Summary

### Background

The application was filed by the Board of Suspended Directors of the corporate debtor, Bhandari Deepak Industries Pvt. Ltd., seeking directions against the Resolution Professional, Vivek Kumar Arora, to provide copies of the Resolution Plan, valuation report, Forensic Audit Report, and complete minutes of the 14th CoC meeting dated 23.04.2021. The applicants also sought to place on record the violation and anomalies in CIRP of the corporate debtor and sought directions that the resolution process be kept in abeyance until the documents are provided. The CIRP was initiated on 19.11.2019. The Resolution Professional published Form G on 02.02.2020, and the last date for submission of an Expression of Interest was fixed as 22.02.2020. The EOI submitted by the corporate

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## Facts

Gulshan Trading Company is the Operational Creditor. Bhandari Deepak Industries Pvt. Ltd. is the Corporate Debtor undergoing CIRP. Deepak Bhandari and Anita Bhandari, as Applicants/Board of Suspended Directors of the corporate debtor, filed an application seeking directions against Vivek Kumar Arora, the Resolution Professional, to provide copies of the Resolution Plan, valuation report, Forensic Audit Report, and minutes of the 14th CoC meeting. The CIRP was initiated on 19.11.2019. The Resolution Professional published Form G on 02.02.2020, and the last date for submission of an Expression of Interest was fixed as 22.02.2020. The EOI submitted by the corporate debtor in the capacity of MSME was rejected by the Resolution Professional on 24.02.2020. The applicant's

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## Issues and analysis

### Issue 1: Whether the Resolution Professional is obligated to provide copies of the Resolution Plan, …

**Ratio:** The ratio is based on the principle that all concerned parties should have access to

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**Reasoning:** The court reasoned that ex-management is the appropriate party to comment on the

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**Interpretation:** The legal issue is interpreted to mean that while maintaining confidentiality

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**Application:** The ratio and reasoning are applied to the specific facts by directing the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Deepak Bh…
- **Respondents:** Bhandari Deepak…; Vivek Kumar…

## Timeline

- **2019-11-19 — CIRP Init…**: CIRP of the corporate…
- **2020-02-02 — Form G Publ…**: The Resolution…

## 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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