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2025 Supreme(Online)(NCLT) 3332
NATIONAL COMPANY LAW TRIBUNAL
Sanjay Puri, T, Rajeev Bhardwaj, J
NEOCORTEX LIFE SCIENCES PRIVATE LIMITED – Appellant
Versus
Saroj Patnaik – Respondent
IA(IBC)(Liq)/06/2025 | IA (IBC)/1686/2024 | IA (IBC)/547/2024 | Company Petition IB/186/10/HDB/2023
For the Applicant: Mr Shaik Gouse, Ld PCS
For the Respondents:Mr M Maharshi Viswaraj for Respondent 1
Court emphasized the obligation of suspended directors to cooperate with the Interim Resolution Professional during Corporate Insolvency Resolution Process under the IBC.
Headnote:(A) The Insolvency and Bankruptcy Code - Section 10 - This application was filed by the Interim Resolution Professional (IRP) asserting the non-cooperation of suspended/former directors during the Corporate Insolvency Resolution Process (CIRP). The IRP contended that such non-compliance impeded critical duties like asset management and financial verification. (Paras 1-6)
(B) Non-cooperation of directors - The IRP's plea for compliance was countered by the directors, arguing they had provided necessary information, contradicting the IRP’s claims of obstruction. (Para 4)
(C) Liquidation proceedings - The IRP lodged an application for liquidation citing the directors' non-cooperation as a key factor affecting the CIRP. The court has approved liquidation and directed appropriate asset management. (Paras 6-7)
Facts of the case:
The IRP sought a court order for directors to provide necessary documents for the CIRP amidst claims of non-compliance hindering vital company processes.
Findings of Court:
Liquidation was approved, empowering the IRP to manage the CD's assets legally.
Issues: Core issues included the level of cooperation from suspended directors and the legitimacy of the IRP’s claims about compliance.
Ratio Decidendi: The court emphasized the necessity for former directors to comply with the IRP’s requests to facilitate a smooth CIRP; liquidation was affirmed based on their lack of cooperation.
Result: The application was disposed of, with the approval for liquidation.
SL. No.2
NATIONAL COMPANY LAW TRIBUNAL
COURT HALL NO: II
Hearing Through: VC and Physical (Hybrid) Mode
CORAM: SHRI. RAJEEV BHARDWAJ – HON’BLE MEMBER (J)
CORAM: SHRI. SANJAY PURI - HON’BLE MEMBER (T)
ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL,
HYDERABAD BENCH, HELD ON 22.07.2025 at 10:30 AM
TRANSFER PETITION NO.
IA(IBC)(Liq)/06/2025, IA (IBC)/1686/2024
COMPANY PETITION/APPLICATION NO. IA (IBC)/547/2024 in
Company Petition IB/186/10/HDB/2023
NAME OF THE COMPANY Neocortex Life Sciences Pvt Ltd
NAME OF THE PETITIONER(S) NAME OF THE RESPONDENT(S)
UNDER SECTION 10 of IBC
ORDER
IA(IBC)(Liq)/06/2025
Orders pronounced, recorded vide separate sheets. In the result, the
IA(IBC)(Liq)/06/2025 is allowed.
IA (IBC)/1686/2024
Orders pronounced, recorded vide separate sheets. In the result, the
IA (IBC)/1686/2024 is dismissed.
IA (IBC)/547/2024
Orders pronounced, recorded vide separate sheets. In the result, the
IA (IBC)/547/2024 is disposed of with remarks.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Vamsi
IN THE NATIONAL COMPANY LAW TRIBUNAL In the matter of M/S NEOCORTEX LIFE SCIENCES PRIVATE LIMITED Between Mr R Ramakrishna Gupta, Interim Resolution Professional M/s Neocortex Life Sciences Private Limited (under CIRP)
Flat No T202, Technopolis, 1-10-74/B, Chikoti Gardens, Begumpet, Hyderabad – 500 016.
....Applicant/IRP And
1. Saroj Patnaik, Suspended Director, DIN : 09600283, 144401, Olive Hill Drive Austin, TX 78717, USA.
2. R Saradha Lakshmi, Former Director, DIN : 07140433, G1, Ground Floor, Block-D-Sarojini, Medha Rejoice, Radhakrishna Nagar, Attapur, Rajendra Nagar Circle, Hyderabad – 500 048.
….Respondents Date of order : 22.07.2025 CORAM Sri Rajeev Bhardwaj, Hon’ble Member (Judicial)
Sri Sanjay Puri, Hon’ble Member (Technical)
Counsel present For the Applicant : Mr Shaik Gouse, Ld PCS For the Respondents : Mr M Maharshi Viswaraj for Respondent 1 Date of Order : 22.07.2025 Per : Sanjay Puri, Member (Technical)
O R D E R
1. This application has been filed by the Interim Resolution Professional (IRP) of the Corporate Debtor (CD), which is undergoing the Corporate Insolvency Resolution Process (CIRP) as initiated through an order passed on the 13.02.2024. The primary grievance of the Applicant is that the suspended /former director(s) of the CD, have not been cooperative in the CIRP process. The application lists the information and documents that have not been provided to the RP, despite repeated requests sent via emails dated 15th February, 17th February, and 19th February 2024. As of the filing of this application, none of the information sought by the IRP has been received, it is claimed.
2. It is stated that the lack of cooperation has hindered the RP’s ability to carry out essential duties under the Insolvency and Bankruptcy Code (IBC). These duties include taking control and custody of the assets of the CD, protecting the assets of the CD, collecting necessary information regarding the assets and operations of the CD, and determining the financial position of the CD. The IRP has been unable to perform these tasks due to the non-compliance of the suspended/former directors.
3. In light of the above, the Applicant RP seeks directions from this Adjudicating Authority to the suspended/former directors of the CD, for them to comply with the IRP’s instructions and extend full cooperation in the collection of information and document verification as required under the CIRP, and for the suspended/former directors to provide the books of account to facilitate the smooth conduct of the CIRP.
4. On the other hand, the respondents have countered the allegations made in the application by stating that the information available with them has already been provided to the applicant IRP. They have Date of Order : 22.07.2025 provided item-wise details of the information and documents sought by the IRP and supplied by them. It is claimed that the respondents have been cooperating with the applicant IRP since the initiation of the CIRP, and that the accountant of t
