Ch Mohd Sharief Tariq, Member - (1.) Representative for RP present and filed CA/54/2017 in CP/515/IB/2017. Counsel for State Bank of India present. Counsel for Mr. Asai Thambi, Managing Director present and submitted that he is handicapped as he does not have instructions from his client.
(2.) The allegation in the application is that Mr. Asai Thambi, MD and Mr. S.S. Prabhakaran, General Manager-Finance (GM-F) of the 1st Respondent Company are not co-operating with the RP. It has been submitted by the representative for the RP that due to non-cooperation of the MD and GM-F, the RP is not in a position to provide the basic information to be shared in the form Information Memorandum in terms of Regulation 36 (1) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, with the Members of the Committee of Creditors,
(3.) The copies of the Financial Statements for the period 2014-15 and 2015-16 have been provided which are of 4th September, 2015 and 2nd September 2016 respectively and relevant audit reports given are also back dated respectively. The Corporate Debtor refused to provide the books of accounts, soft copy of the account maintained in the tally, which has created doubt in the minds of the Committee of Creditors and accordingly, the appointment of forensic audit was initiated specifically keeping in mind the provisions of Section 43 (Preferential Transactions) , Section 45 ( Avoidance Undervalued Transactions) and Section 50 (Extortionate Transactions) all read with Section 66 (Fraudulent Trading or Wrongly Trading) of the IBC, 2016.;