# In the matter of Presidium Educational Institution Pvt. Ltd.

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02326. The case involves an application (IA-1360/2023) filed by Mr. Ganga Ram under Section 19(2) read…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/presidium-educational-institution-pvt-ltd-1b2bb264

## Summary

### Background

The case involves an application (IA-1360/2023) filed by Mr. Ganga Ram under Section 19(2) read with Section 70 of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the Corporate Insolvency Resolution Process (CIRP) of M/s. Presidium Educational Institution Private Limited. An application under Section 7 of the IBC was previously filed by Yes Bank Limited against the Corporate Debtor, which was admitted on 2022-11-29, leading to a moratorium and the appointment of Mr. Ganga Ram Agarwal as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). The applicant sought directions to the respondents to provide information and documents necessary for the CIRP, as they allegedly failed to cooperate despite repeated

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## Facts

Yes Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Presidium Educational Institution Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2022-11-29, and a moratorium was declared. Mr. Ganga Ram Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP filed an application (IA-1360/2023) seeking directions to the respondents (erstwhile directors and statutory auditor) to provide necessary information and documents for the CIRP. The RP claimed that the respondents failed to provide the requested information despite repeated reminders. The respondents denied the allegations, stating

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## Issues and analysis

### Issue 1: Whether the Respondents are obligated to provide the information and documents requested by the …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, mandates cooperation from the Corporate

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**Reasoning:** The court reasoned that it is incumbent upon the Respondents to extend cooperation and to

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**Interpretation:** The legal issue revolves around the interpretation of the IBC provisions

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** GANGA…
- **Respondents:** M/s. PRESIDIUM…; PRAVEEN…

## Timeline

- **2022-11-29 — Admission of Section 7…**: The Adjudicating Authority admitted the application under Section 7 of the IBC filed by…
- **2022-12-06 — Public Annou…**: The Applicant made a Public Announcement under Form- A in accordance with Regulation 6 of…

## 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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