Sabyasachi Bhattacharyya,J. - (1.) The Court: 1. The petitioners are the erstwhile Directors of a company, M/s. A K Power Industries Private Limited. The company took loan from the respondent no.1-bank and subsequently failed to repay the same. The loans were secured by primary and collateral securities and equitable mortgage of immovable properties standing in the name of the petitioners, as well as by the guarantee of the petitioners. At the behest of the respondent no.1- bank, forensic audit was carried out into the affairs of the company in April, 2019. Pursuant to the forensic report placed before the members of the joint lenders' meeting held on May 10, 2019, the respondent no.1 declared the account of the company as a 'No Fraud Account'.
(2.) Subsequently, the company forwarded an One-Time Settlement proposal, which was accepted by the respondent no.1-bank.
(3.) In the interregnum, Corporate Insolvency Resolution Process (CIRP) was commenced in respect of the company by an order dated October 1, 2019 passed by the National Company Law Tribunal, Kolkata Bench.;