# In the matter of Shree Ram Saw Mill Private Limited Cont. A-5-2021 & I.A (IBC) No. 1430-KB-2020 In C.P. (IB) No. 978-KB-2019

> NCLT judgment dated 2022-07-18. Citation: TCN-2022-NCLT-01680. The case involves an application under Section 70 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLT-01680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ram-saw-mill-private-limited-cont-a-5-2021-ia-ibc-no-1430-kb-2020-in-cp-ib-a2a5bcf2

## Summary

### Background

The case involves an application under Section 70 of the Insolvency and Bankruptcy Code, 2016, filed by the Resolution Professional (RP) of Shree Ram Saw Mill Private Limited against Om Prakash Pandey and Shree Prakash Pandey, directors of the Corporate Debtor. The RP alleges non-cooperation and violation of orders issued by the Adjudicating Authority (NCLT) regarding the provision of necessary documents and information for the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, Indian Overseas Bank, had initiated CIRP against the Corporate Debtor, which was admitted on March 16, 2020, and the Applicant was appointed as the Interim Resolution Professional.

## Facts

Indian Overseas Bank initiated CIRP against Shree Ram Saw Mill Private Limited, which was admitted on March 16, 2020. Kanchan Dutta was appointed as the Interim Resolution Professional (IRP) and later the Resolution Professional (RP). The RP requested necessary documents and information from the directors, Om Prakash Pandey and Shree Prakash Pandey, to facilitate the CIRP. Despite repeated requests via emails and visits to the Corporate Debtor's office, the directors failed to provide the required documents, including financial statements, bank account details, and access to tally software. The NCLT issued orders on October 7, 2020, March 18, 2021, and April 7, 2021, directing the directors to cooperate and provide the documents. Joint meetings were held, and

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## Issues and analysis

### Issue 1: Whether the directors of the Corporate Debtor, Om Prakash Pandey and Shree Prakash Pandey, violated …

**Ratio:** The ratio is that directors of a company undergoing CIRP have a legal obligation to

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**Reasoning:** The court reasoned that the directors were repeatedly directed to provide documents and

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**Interpretation:** This interpretation emphasizes the mandatory nature of cooperation by the

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

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Kanchan…
- **Respondents:** Shree Ram Saw…; Om Prakash…

## Timeline

- **2020-03-16 — CIRP Admi…**: CIRP initiated against Shree Ram Saw Mill Private Limited and admitted by the…
- **2020-03-18 — RP Intim…**: RP intimated the Directors of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 70 — Punishment for misconduct in course of corporate…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-70)

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