Bimal Kumar Jejani Vs Star Mineral Resources Pvt. Ltd. (NCLAT Delhi)
NCLAT Delhi held that suspended directors, who invested about 5.5 crores and having 51% equity in Corporate Debtor, cannot claim that they were not aware about initiation of CIRP. Accordingly, observation of Adjudicating Authority that Suspended Board of Directors of the Corporate Debtor were not cooperating with the IRP/RP/Liquidator was justifiable.
Facts- An application u/s. 9 of theInsolvency and Bankruptcy Code, 2016 (IBC) was filed by the Operational Creditor i.e. M/s Platina Bulkers Private Limited Against the Corporate Debtor i.e. M/s Star Mineral Resources Private Limited. The said application was admitted and CIRP was initiated vide order dated 17.12.2018 passed by the Adjudicating Authority.
As the resolution professional could not call for any resolution plan for want of specific information pertaining to the assets and liabilities and the account book of the corporate debtor the liquidation proceedings were initiated by learned Tribunal vide order dated 10.02.2020.
The Liquidator appears to have made all attempts to collect financial information pertaining to the Corporate Debtor(CD), its accounts books, assets and liabilities etc. however, as per the stand of liquidator the Suspended Directors of the CD did not supply required information and thereafter the liquidator had moved an application requesting learned Tribunal to exclude the time period of 746 days from the total time consumed for completion of resolution/liquidation of Corporate Debtor in terms of Section 60 (5) of the IBC read with regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) regulations, 2016.
