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Judgment
C.A. No. 2339(PB)/2019
The prayer made in the application is to initiate proceedings against the IRP, Mr. Sandeep Chandna having registration No. IBBI/IPA-002/IP-N00447/2017-2018/11237 for his misconduct and facilitating the erstwhile Promoters/Directors of the Corporate Debtor in selling the assets of the Corporate Debtor and siphoning of money received from the sale post his appointment as IRP on 27.03.2019. Further prayer has been made to replace the IRP, Mr. Sandeep Chandna by appointing one Mr. Vekas Kumar Garg, Company Secretary. It is also prayed that directions be issued to the IRP for initiating steps for cancellation of the sale deeds/sale documents executed after 27.03.2019.
In so far as the 1st prayer made by the Financial Creditor-Ms. Sonia Rani is concerned, the Disciplinary Authority of IRP is Insolvency and Bankruptcy Board of India and appropriate application has to be filed before the aforesaid Authority and therefore, the first prayer cannot be adjudicated by the Adjudicating Authority.
In respect of 2nd prayer, the matter has to be taken before the CoC for replacement of the IRP. Accordingly, necessary steps be taken in that direction.
However, we issue notice with regard to the 3rd prayer as the sale deeds/sale documents have been executed by the erstwhile Promoters/Directors of the Corporate Debtor during moratorium after the admission of the petition on 27.03.2019.
In respect of the 3rd/last prayer, Mr. Shivanshu Kumar, learned counsel for the RP accepts notice. A copy of the application has been furnished to him.
Notices be also issued to the vendees of the properties in respect of all the sale deeds by the applicant and amended memo of parties be filed.
A copy of the application be also furnished to the learned counsel for the erstwhile Promoters/Directors of the Corporate Debtor.
Reply be filed within 10 days with a copy in advance to the other side.
C.A. No. 2180(PB)/2019
Learned counsel for the RP prayed for withdrawal of the application as proper application under Section 12 of the Code has been filed.
Accordingly, the application is dismissed as withdrawn.
C.A. No. 2338(PB)/2019
This is an application seeking extension of time by 90 days as the period of 180 expired on 22.09.2019. The application is supported by a resolution passed by the CoC in its meeting held on 26.09.2019. The CoC at that stage was comprised of three Financial Creditors namely State Bank of India, IDBI Bank and Uco Bank and the resolution was carried by 100% voting share at that stage.
Mr. Kalia, learned counsel representing the Authorized Representative of the Real Estate Sector has also consented to the extension of time by 90 days although they were not part of CoC at that stage.
Having heard the learned counsels for the parties we are of the view that the application deserves acceptance. Accordingly, the period of 180 days is extended to 270 days and the whole process shall be now concluded on or before 22.12.2019.
The application stands disposed of.
C.A. No. 744(PB)/2019
The Non-applicants/Ex-Promoters-Directors are directed to appear before the Resolution Professional namely Mr. Sandeep Chandna in his office at 83, National Media Centre, Shankar Chowk, Near Ambience Mall, Gurgaon-122010 on 23.11.2019 at 11 AM. The Non-applicants/Ex-Promoters-Directors shall carry all documents pertaining to the Corporate Debtor including books of accounts and divulge information within their knowledge to the Resolution Professional. Thereafter they must file an affidavit with regard to the remaining information and documents not furnished to the RP and the reasons there for.
The needful shall be done on or before 30.11.2019 with a copy in advance to the learned counsel for the RP.
List for further consideration on 04.12.2019.