PUNJAB NATIONAL BANK Vs. JAMES HOTELS LTD

JUDGEMENT

(1.) The Resolution Professional Navneet Gupta has filed this application for extension of time for holding of the Annual General Meeting (for short AGM) of the company, which is undergoing the insolvency resolution process.

(2.) Cp (IB) No.15/Chd/CHD/2017 filed by Punjab National Bank as Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short 'the Code') against the Corporate Debtor was admitted by this Tribunal on 27.04.2017 and applicant Navneet Gupta was appointed as the Interim Resolution Professional vide order dated 08.05.2017. He was later on appointed as Resolution Professional in the first meeting of the committee of creditors held on 29.05.2017.

(3.) It is admitted during the course of arguments that due date of AGM was 30.09.2017. It is stated that the applicant started collecting and collating information about the financial condition of the Corporate Debtor. The process took some time due to scattered nature of the transactions. The resolution process has been made further complicated by the un-cooperative attitude of the suspended board of directors as the complete information was not provided despite repeated reminders. The suspended board of directors also filed cases against the applicant, which he had to defend. One of the shareholders also filed miscellaneous application before the Adjudicating Authority, which was also defended and thus, consumed time of the resolution processional.