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Judgment
IA No. 392 of 2021
This application is filed by the suspended management opposing the replacement of the IRP.
IA No. 424 of 2021
This application is filed by the CoC for replacement of IRP. These both IAs shall be heard together.
IA No. 466 of 2021
This application is filed by the suspended management directing CoC not to direct the forensic audit beyond the period permissible under Section 43-
50 of the IBC, 2016. We heard Learned Counsel for the suspended management and Learned Counsel for COC/RP. We make it clear that the CoC
and the Auditor both are duty bound to have audit of the transaction of the Corporate Debtor strictly within the Vaishali Phoena fught provision of
Section 43-50 of the IBC, 2016. We trust and hope that CoC and Auditor will do their duty in conformity with above provision of law.
We further make it clear that as far as allegation or fraud are concerned, the COC and auditor may see how look back period. However, the
suspended management and other Respondents in proceeding under Section 66 of the IBC, 2016 are free to take defence that the CoC and Auditor
has exaggerated their authority by allowing the auditor more than look back period as per provision under the law. With this direction IA stands
disposed of.
Accordingly, IA No. 466 of 2021 stands disposed of.
List IA No. 392 and 424 of 2021 on 20.07.2021.