IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

COURT - 2

ITEM No.303

IA/653(AHM)2023 in CP(IB) 268 of 2020

Order under Section 66 r.w 60(5) IBC r.w Rule 11 of NCLT Rules, 2016

IN THE MATTER OF:

Dr Vichitra Narayan Pathak RP Of Golden Tobacco Ltd. ........Applicant

Vs.

Suniel Dhhandhania ........Respondent

Order delivered on: 17/04/2024

Coram:

Mrs. Chitra Hankare, Hon’ble Member(J)

Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T)

ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open Court vide separate sheet.

-sd- -sd-

DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD (COURT - II)

IN CP(IB)268/NCLT/AHM/2020 (Application under Section 66 of Insolvency and Bankruptcy Code, 2016)

IN THE MATTER OF:

Dr. Vichitra Narayan Pathak Resolution Professional of Golden Tobacco Ltd. ... Applicant Versus Suniel Dhhandhania IN THE MATTER OF:

Arrow Engineering Ltd. … Financial Creditor Versus Golden Tobacco Ltd. … Corporate Debtor Order pronounced on: 17.04.2024 Coram:

MRS. CHITRA HANKARE HON’BLE MEMBER (JUDICIAL)

MR. VELAMUR G VENKATA CHALAPATHY HON’BLE MEMBER (TECHNICAL)

Memo of Parties In the matter of Dr. Vichitra Narayan Pathak Resolution Professional of Golden Tobacco Ltd., Having his office at

120, Jharneshwar Colony Madhuban Vihar, Near International Public School, Hoshangabad Road, Bhopal-462047, Madhya Pradesh E-mail:cirp.goldentobacco@gmail.com ... Applicant Versus Suniel Dhhandhania r/o B-802,Rushi Heights CHS Ltd. Riddhi Garden Road Malad (East), Mumbai-400 097 Maharashtra E-mail:sunieldhhandhania@gmail.com ... Respondent Present:

For the Applicant : Mr. Robin Jainsinghani Adv. a/w. Mr.

Jacinta D Silva, Adv.

For the RP : Mr. Anurag Bisaria, Adv.

For the Respondent : Mr. Saurabh Soparkar, Sr. Adv. Mr. Jay Kansara, Ms. Aishwarya Reddy, Adv. a.w Ms. Laghima Jain, Adv.

JUDGEMENT

1. This application is filed under Section 66 r.w. Section

60(5) of the Insolvency and Bankruptcy Code, 2016 r.w. Rule 11 of the NCLT Rules, 2016 seeking necessary and appropriate directions against the respondent.

2. The applicant is the Resolution Professional (RP) of M/s.

Golden Tobacco Limited (Corporate Debtor) while respondent was Executive Director of the corporate debtor. It is stated that on 23.06.2021, the CD, through the Respondent, entered into an agency/brokerage agreement with one M/s Aimgold Hospitality LLP (hereinafter referred to as the “Agent”) with respect to renting out the property of CD at Tobacco House, S.V. Road, Vile Parle (West), Mumbai – 400056 on short term basis. According to terms of clause 3A of the Agreement, Agent was required to deposit a sum of Rs.2,90,00,000/- as interest free refundable security deposit with the CD, of which only a sum of Rs.1,39,00,000/- was received into the bank account of the CD while Rs.1,50,00,000/- was paid to M/s Golden Realty and Infrastructure Ltd, a 100% owned subsidiary of the CD, where also the Respondent was a Director at the relevant time and Rs.1,00,000/- to Consulting Engineers & Architects. Applicant further submitted that the respondent failed to explain/clarify the reason or justification for such diversion of sums due to the CD. Thus, carried on the business of the corporate debtor with fraudulent purposes.

3. The respondent has resigned from the corporate debtor on 17.02.2023. Applicant submitted that there are some other such transactions carried out by the erstwhile directors to defraud the creditors or for fraudulent purposes as is amply borne out by the prima facie findings noted in the show cause notice dated 05.12.2022 issued by the Securities and Exchange Board of India to one of the directors. The Suspended Management of the corporate debtor concealed the said facts from applicant. The applicant, therefore, prayed to allow the application and declare that diversion of funds of CD to other entities was carried on for fraudulent purpose and in a fraudulent manner and direct the respondent to refund the enti