IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

COURT - 2

ITEM No.302

IA/652(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 & Anr. ........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

1. Suniel Dhhandhania

2. Pawan Kumar Malsaria 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

1. Suniel Dhhandhania r/o B-802,Rushi Heights CHS Ltd. Riddhi Garden Road Malad (East), Mumbai-400 097 Maharashtra E-mail:sunieldhhandhania@gmail.com

2. Pawan Kumar Malsaria r/o D-2, 4th Floor Sheetal Apartment R.C. Dutt Road, Alkapuri Vadodara-390 007, Gujarat Email:malsariapawan@gmail.com ... Respondents Present:

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

Jacinta D Silva, Adv.

For the RP : Mr. Anurag Bisaria, Adv.

For the Respondents : 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 respondents.

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

Golden Tobacco Limited (Corporate Debtor) while respondents were Executive Directors of the corporate debtor. It is stated that the respondents failed and ignored to deposit the sums deducted from employees of the corporate debtor towards repayment of their respective loans from GTC Employees Cooperative Credit Society (hereinafter referred to as Society) and instead dishonestly and illegally used said funds for the benefit of the corporate debtor. Thus, carried on the business of the corporate debtor with fraudulent purposes. The RP came to know through representative of Society on 19.07.2022 that the corporate debtor deducted sum of Rs.6,33,735/- from the salary of employees during the period from September 2021 to May 2022 but not deposited the same with the Society.

The Society also submitted a claim in respect of said amount which has been admitted by the applicant as other creditors.

3. Both the respondents have resigned from the corporate debtor on 17.02.2023 and 23.02.2023 respectively. 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 Respondent no. 2. The Suspended Management of the corporate debtor concealed the said facts from applicant. As the respondents carried business with intent to defraud the creditors or for fraudulent purpose without depositing the amount with the Society dishonestly and illegally used for own purposes, they are liable to be punished in accordance with