THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (Exercising powers of Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016)

CA No.562/18 in CP (IB) No.155/Chd/Hry/2018 (Admitted)

Under Sections 60(5) of the IBC 2016 In the matter of:-

M/s Hind Tradex Limited …Petitioner-Operational Creditor Versus M/s Lakshmi Precision Screws Limited …Respondent-Corporate Debtor And in the matter of:-

IA No.562/18 Mr. Deepak Thukral, Resolution Professional H. No. 237/1, Sector-44-A, Chandigarh-160047 …Applicant Vs.

Lakshmi Precision Screws Limited having its registered office at

46/1, Mile Stone, Hisar Road,j Rohtak, Haryana-124001 ….Respondent No. 1 Dinesh Kumar Jain (Director)

764/23 Bharat Colony, Model Town Rohtak-124001 HR …Respondent No. 2 Lalit Kumar Jain (Director) 46/1, Milestone, Hisar Road, Rohtak, Haryana-124001 And At J-13 S/F Road, Infront of J-10 to J-20 Saket Opp Transfarmer CANo.562/18 New Delhi-110017 DL …Respondent No. 3 Mr. S M Sangwan Accounts Head having its registered office at

1377, Sector-1 (HUDA)

Rohtak (Haryana)-124001 Also at V& P. O. Kheribura Tech. Charkhi Dadri Distt. Bhiwani …Respondent No. 4 Order delivered on: 01.09.2023 Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL)

Present through video-conferencing:

For the Applicant : Ms. Swati Saluja, Advocate For respondent No. 2 : Mr. Arun Saxena, Advocate For the Respondent : Mr. Animesh Sharma, Advocate for respondent No.3 Per: Subrata Kumar Dash, Member (Technical)

ORDER

CA No.562/2018 This is an application filed under Section 19(2) & 19(3) of the Insolvency and Bankruptcy Code, 2016 read with Section 60(5) and Section 70 of the Insolvency and Bankruptcy Code, 2016 for issuance of directions to the personnel of the corporate debtor and other associated with the management of the corporate debtor to provide assistance, co-operation and information required by the applicant in discharging his statutory duties as per the Code. The applicant has stated the following facts in the application are as under:-

CANo.562/18

2. The corporate debtor admitted the CIRP on 18.07.2018 after this adjudicating authority admitted the petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, the IRP interacted with Mr. D.K. Jain, (Managing Director/Respondent No. 2) and informed him that the Power of Board of Directors have been suspended in pursuance of Section 17(1)(b) of the IBC, 2016 and the same would be vested in the Interim Resolution Professional in pursuance to Section 17(1)(b). A formal letter to the Board of Directors for asking them to cooperate and provide information in pursuance to Section 19(1) was sent by the applicant on

26.07.2018.

3. Subsequently, the applicant discharged his duties by making public announcement in Form-A, holding the CoC meeting, appointing valuers. It is stated that Respondent No. 2 refused to sign the declaration. It is further identified that huge differences in stocks of the corporate debtor as per the financial results submitted by the corporate debtor to the SEBI and as per the actual stocks found as on the date of takeover of assets were noticed. The Committee of Creditors was duly notified about the non-cooperation of Respondent No. 2 and 3 and Resolution Professional was directed to move these applications under Section 19(2) of the Code.

4. Respondent No. 1 has been deleted from the array of parties by our order dated 06.12.2018 . In their reply, the legal heirs of Respondent No. 2 have stated that Respondent No. 2 (deceased) had already filed his reply to the allegations made by the Resolution Professional.A copy of the aforementioned reply of Late Mr. DK Jain-respondent No. 2 is annexed to the reply of the legal heirs.We have perused the above referred reply earlier furnished by the Respondent No.2,where in he had stated that Respondent No.2 had already provided the information on demand of Resolution Professional and there was no such n