SHANTANU PRAKASH Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The present petition has been filed, inter alia, seeking quashing and setting aside of the Show Cause Notices ('SCNs') issued by the respondents for declaring account of M/s Educomp Solution Limited ('The Company') as 'Fraud'. By way of the present petition, initially SCN dtd. 13/11/2023 issued by respondent no. 1-State Bank of India ('SBI'); SCN dtd. 13/10/2023 issued by respondent no. 2-Canara Bank; SCN dtd. 28/12/2023 issued by respondent no. 3-Central Bank of India and SCN dtd. 2/9/2023 issued by respondent no. 4-ICICI Bank Limited, were challenged. Subsequently, CM No. 11262/2024 was filed thereby challenging the SCN dtd. 12/1/2024 issued by respondent no. 5-Union Bank of India and SCN dtd. 8/2/2024 issued by respondent no. 6-IDBI Bank.

(2.) The petitioner is an ex-director and guarantor of the Company, which had availed various credit facilities from the consortium of banks, of which the respondent-banks are members, with respondent no. 1-SBI being the lead bank. The company was admitted into Corporate Insolvency Resolution Process ('CIRP') under the provisions of the Insolvency and Bankruptcy Code, 2016 ('IBC') vide order dtd. 30/5/2017 passed by the National Company Law Tribunal ('NCLT').

(3.) Upon the company being admitted to CIRP, the Board of Directors of the company were suspended and a Resolution Professional ('RP') took over the management of the company under the norms of IBC. Thus, it is the case of the petitioner that RP, under the control of the Committee of Creditors, took custody of all the documents in relation to the company under Sec. 17 of IBC. All the books of accounts and statutory records of the company were available with the RP, to which the petitioner had no access.