Ch. Mohd Sharief Tariq, Member - (1.) Counsel for RP present. Counsel for R1 to R5 present. Counsel for R8 present. No representation on behalf of R6 and R7, who are employees of the Corporate Debtor. R8 is represented by the Counsel. Heard the Counsel for the RP and the Counsel for R1 to R5. The RP has submitted that since the R1 to R5 and R8 have complied with his instructions. Therefore, the Application may be closed.
(2.) Counsel for R1 to R5 submitted copy of the order dated 12.01.2018 wherein the Hon'ble NCLAT has allowed the Corporate Debtor to operate bank accounts for day-to-day functioning of the Corporate Debtor for payment of current bills of the suppliers, sale process and wages of employees/workmen, electricity bills etc. only after authorization of the Resolution Professional. Counsel for R1 to R5 further submitted that there are no funds in the accounts of the Company and there is urgent requirement of infusing funds to the accounts of the Corporate Debtor so that it could function as a going concern and make the payment to the workmen and pay other bills as may be required. Counsel for RP has no objection to the same provided the funds are infused as 'interim finances'. In view of this, R1 to R5 are permitted to infuse the funds to the Corporate Debtor as 'interim finances' so that the RP could run the Corporate Debtor as a going concern and make necessary payments. Counsel for R1 to R5 further submitted that the documents of the property of the Corporate Debtor are required to be kept inside the Registered Office premises of the Corporate Debtor/Aruna Hotels Ltd.. The e-mail ID and password given to the RP should remain in the custody of the RP. The Counsel for RP did agree to these suggestions. It has also been suggested that the password and e-mail ID of the Corporate Debtor containing business data of the Aruna Hotels Ltd./Corporate Debtor be preserved and kept in safe custody by the RP. On this issue, the consensus got developed between the RP and R1 to R5 that the RP and R1 to R5 will view the compact disc and then it will be sealed along with the password and the e-mail ID in the presence of both of them for keeping under the safe custody of RP, who will give an acknowledgment to the R1 to R5. Further, R1 to R5 undertake to inform R9 for the purpose of performing his duties as statutory auditor/partner as is desired by the RP. Accordingly, CA/62/IB/2018 in CP/511/IB/2017 stands disposed of.;