The case pertains to an application filed by the Resolution Professional (RP) of U I Beverages Private Limited under Section 19(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the former directors (Respondents No. 1 and 2) to provide the accounting data record of the Corporate Debtor in both soft and physical formats for the period from April 1, 2014, to March 31, 2017. CIRP proceedings had been initiated against U I Beverages Private Limited, the corporate debtor, when CP (IB) No. 97/Chd/Pb/2019 was admitted by the Adjudicating Authority vide order dated 02.03.2020.
CIRP was initiated against U I Beverages Private Limited via CP (IB) No. 97/Chd/Pb/2019, admitted on 2020-03-02. The Resolution Professional (RP) filed IA No.711/2020 under Section 19(2) of the IBC, seeking directions to Rajnishpal Singh Dhaliwal and Shivrajpal Singh Dhaliwal, former directors of U I Beverages, to provide accounting data from 2014-04-01 to 2017-03-31. The RP claimed the directors failed to provide the data despite repeated requests, hindering the audit process. The directors contended the data was corrupted and unavailable. The CoC also noted the non-cooperation. The RP argued that the data was necessary for a detailed audit of transactions, especially considering potential fraudulent activities under sections 43, 45, 50, and 66 of the IBC. The
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CP (IB) No.97/Chd/Pb/2019 was admitted…
The case pertains to an application filed by the Resolution Professional (RP) of U I Beverages Private Limited under Section 19(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the former directors (Respondents No. 1 and 2) to provide the accounting data record of the Corporate Debtor in both soft and physical formats for the period from April 1, 2014, to March 31, 2017. CIRP proceedings had been initiated against U I Beverages Private Limited, the corporate debtor, when CP (IB) No. 97/Chd/Pb/2019 was admitted by the Adjudicating Authority vide order dated 02.03.2020.
CIRP was initiated against U I Beverages Private Limited via CP (IB) No. 97/Chd/Pb/2019, admitted on 2020-03-02. The Resolution Professional (RP) filed IA No.711/2020 under Section 19(2) of the IBC, seeking directions to Rajnishpal Singh Dhaliwal and Shivrajpal Singh Dhaliwal, former directors of U I Beverages, to provide accounting data from 2014-04-01 to 2017-03-31. The RP claimed the directors failed to provide the data despite repeated requests, hindering the audit process. The directors contended the data was corrupted and unavailable. The CoC also noted the non-cooperation. The RP argued that the data was necessary for a detailed audit of transactions, especially considering potential fraudulent activities under sections 43, 45, 50, and 66 of the IBC. The
…Filing of C…
CP (IB) No.97/Chd/Pb/2019 was admitted…