R.P. Nagrath, Memebr - (1.) Anil Kumar, the Interim Resolution Professional (IRP) has filed an application CA No. 122/2017 under sub-sections (2) and (3) of Section 19 of the Insolvency and Bankruptcy Code. 2016 (for brevity the Code) for issuing necessary directions because of the non-cooperative attitude of the personnel of the Corporate Debtor.
(2.) The petition filed under Section 9 of the code' titled "Hero Steels Limited Vs. Rolex Cycles Private Limited." CP (IB) No.37/Chd/Pb/2017 was admitted on 13.07.2017 declaring moratorium as per section 14(1) of the Code and vide order dated 20.07.2017 Mr.Anil Kumar. registered Insolvency Professional bearing Registration No.lBBI/lPA-001/lP-P00144/2017-18/10308 was appointed as the Interim Resolution Professional with the following directions: - (i) The term of appointment of Mr. Anil Kumar shall be for a period of 30 days from the date of his appointment as Interim Resolution Professional or as may be determined by the committee of creditors whichever is earlier. (ii) In terms of Section 17 of the Code . from the date o1 this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the 'Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code', including taking control and custocy of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the 'Corporate Debtor etc. as provided in Section 18(1)(f) of the Code'. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor' (iii) The Interim Resolution Professional shall strictly act in accordance with the 'Code. all the rules framed thereunder by the Board or the Central Government and in accordance with the 'Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral. (iv) The Interim Resolution Professional shall endeavour to constitute the Committee of Creditors at the earliest but not later than three weeks from the date of this order- It is hereby directed that the Corporate Debtor', its properties, personnel and tie persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the 'Corporate Debtor' as a going concern and extend all cooperation in accessing books and records as well as assets of the 'Corporate Debtor (v) The Interim Resolution Professional shalf cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1)(b) of the Code' read with Section 15 calling for the submission of claims against Corporate Debtor.
(3.) The Insolvency Resolution Professional (Applicant) visited the site of the Corporate Debtor to take control of the management at about 4.00 p.m on 21.07.2017. Mr.Ashwini Kumar Prabhakar, the Intervener was handed over copy of the orders passed by this Tribunal and copy of Form A of public announcement and a letter requesting him to hand over the control of the Corporate Debtor He was also requested to call meeting of all the employees. workers and managers to inform them about the change of management from existing Board of Directors and also to give access to the Books of Accounts, and to hand over the User-ID and Password of the Accounting and Business Softwares. Mr.Ashwani Kumar Prabhakar (Respondent No.2 - R-2) refused to extend co-operation and advised the Applicant to come on 25.07.2017 at 11.00 a.m. The Applicant, however, informed him about the legal obligation to take over the charge of the company w.e.f. 20.7.2017 and run it as a go^ng concern during the term of his appointment and after a lot of persuasion, R-2 agreed that the Applicant could come on 22.07.2017 to take charge of Ihe "Corporate Debtor".;