PUNJAB NATIONAL BANK Vs. JAMES HOTELS LIMITED

JUDGEMENT

(1.) Cp (IB) No.15/Chd/CHD/2017 titled as Punjab National Bank versus M/s. James Hotels Ltd. filed under Section 7 of the Insolvency and Bankruptcy Code. 2Q16 (for short, the Code) was admitted by this Tribunal on 27.04.2017 Vide another order dated 08.05.2017 Mr Navneet Gupta. Registration No.lBBI/IPA-01/IP-00453/2016-17/2006 was appointed as the Intenm Resolution Professional who is now continuing as the Resolution Professional as per the decision of Committee of Creditors (COC)

(2.) The instant application has been filed by Vikas Garg, a member of the Corporate Debtor having more than 1% o1 shareholding in the Corporate Debtor and thus entitled to be included in the Information Memorandum which is mandatorily required to be prepared by the Resolution Professional under Section 29 of the Code.

(3.) U is stated that the Corporate insolvency Resolution Process (CIRP) commenced w.e.f. 27.04.2017 but various key personnel i.e Directors of the Board, Company Secretary and Chief Financial Officer started manipulating the statutory record of the Corporate Debtor It is averred that from the information gathered from the Bombay Stock Exchange, it has been reported that Neeraj Mohindroo, Director resigned w.e.f. 15.04.2017 and his resignation is said to have been accepted in the Board meeting held on 24.04.2017 However. DIR-12 Form was filed on the portal of Ministry of Corporate Affairs on 22.05.2017. Neeraj Mohindroo appeared before this Tribunal in a petition Vikas Garg & Anr. Vs. James Hotels & Ors. filed under Section 397-398 etc. of the Companies Act 1956 on 12.05.2017 and requested tor adjournment on behalf of all the respondents in the case though he was shown to have resigned on 15.04.2017.