PUNJAB NATIONAL BANK Vs. JAMES HOTELS LTD

JUDGEMENT

(1.) Ca No.165/2017 Prayer made in this application by the Resolution Professional is for issuance of necessary directions to Mr.B.B.Goel, Chief Financial Officer of the Corporate Debtor, also holding additional charge of General Manager for signing of the financial statements for the year ending 31.03.2017 in respect of the transactions which were undertaken by the Company during his tenure. It is submitted that without signing of the financial statements, the Resolution Professional is not able to finalise the financial statements to be placed in the Annual General Meeting of the company, thus delaying the whole process.

(2.) Reply is filed by Mr. B.B. Goel and it is stated that he proceeded on leave on 06.7.2017 on medical grounds and was operated upon for Coronary Artery Surgery (Angioplasty) in PGI, Chandigarh on 03.08.2017 and thereafter he has not joined the company. It is also submitted that he has already signed the audited financial results of the company as per letter dated 30.05.2017 and that statement is also signed by the Resolution Professional, and the Company Secretary (from pages 36 to 39 of the reply).

(3.) Learned counsel for the Resolution Professional-applicant submits that the financials were placed in the 2nd meeting of Committee of Creditors held on 27.07.2017 in which various discrepancies were found and the matter was kept in abeyance and still not finalized. It is further contended that Mr.B.BGoel signed only the abridged statements and detailed financial statements were yet to be signed by him as it is his duty as Chief Financial Officer of the company as per Section 134 of the Company Act, 2013.