AJUDHIA DISTRIBUTORS PVT LTD Vs. RADICO KHAITAN LTD

JUDGEMENT

(1.) This is an application filed u/s 70 of Insolvency & Bankruptcy Coode, 2016 (hereinafter referred to I 8s B Code) praying for taking action against the corporate debtor for its failure to co-operate with Resolution Professional (in short, RP) and for enabling him to complete resolution plan within the stipulated period.

(2.) The learned RP filed an application under Sec. 19(2) and 19(3) of the I & B Code, 2016 complaining that the corporate debtor failed to co-operate with him in supplying requisite information for enabling him to initiative Corporate Insolvency Resolution Process against the corporate debtor. Upon filing the above referred application this Tribunal issued direction to the corporate debtor vide order dated 30.05.2017 to co-operate with the IRP failing which action shall be initiated against the Corporate Debtor. While so in a meeting convened by the COC on 24.07.2017 name of IRP was confirmed as RP. After confirmation of IRP as RP the instant application U/s.70 of I & B Code, 2016 for initiating action against the Corporate debtor alleging non-cooperation from the side of Corporate Debtor and its failure in attending meetings irrespective of service of notice to the Corporate debtor.

(3.) The Learned RP contents that despite service of this Tribunal's direction to the corporate debtor, it failed to extend their co-operation to the RP and that in spite of repeated notice to attend meeting of the COC the corporate debtor failed to attend the meeting and therefore, he is not able to carry out his duties and responsibilities as RP. Upon the said contentions he prays for initiating actions against the corporate debtor U/s. 70 of I & B Code, 2016. According to the learned RP the corporate debtor committed an offence punishable U/S.70 of I&B Code,2016 and therefore liable to be punished accordingly.