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IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

KOLKATA

I.A No. 600/KB/2021

In

C.P (IB) No. 1198/KB/2018

An application under Section 66 of the Insolvency and Bankruptcy Code, 2016 read

with the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for

Corporate Persons) Regulations, 2016.

In the matter of

Asset Reconstruction Company (India) Ltd.

…Financial Creditor

-Versus-

Dagcon (India) Pvt. Ltd.

…Corporate Debtor

And

Mr. Bimal Agarwal (Resolution Professional)

…Applicant

Versus

Arunendu Sarkar & Ors.

… Respondents

Date of Hearing: 19/04/2022

Date of pronouncement: 14/07/2022

Coram:

Shri Rohit Kapoor, Member (Judicial)

Shri Harish Chander Suri, Member (Technical)

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

I.A No. 600/KB/2021

In

C.P (IB) No. 1198/KB/2018

Page 2 of 14

Appearances:

For RP

:

Mr. Rishav Banerjee, Adv.

Mr. Arun Kumar Gupta, PCS

Mr. Naresh Kr. Agarwala, Adv.

Mr. Siddhanth Makkar, Adv

For successful Resolution Applicant :

Mr. Varun Kothari, Adv.

For R-1 in IA/600/2021

:

Mr. Abhidipto Tarafder, Adv.

For R-2 & R-3 in IA/600/2021

:

Mr. Arup Nath Bhattacharyya, Adv.

Ms. Sayani Das, Adv.

Ms. Sreetama Biswas, Adv.

For R-4 in IA/600/2021

:

Mr. Aritra Basu, Adv.

O R D E R

Per: Rohit Kapoor, Member (Judicial).

1.

The Court convened through hybrid mode.

2.

The instant application under Section 66 & 67 of Insolvency and Bankruptcy

Code 2016 (hereinafter referred to as the Code) has been filed by the

Resolution Professional seeking the following reliefs:

a.

As this Tribunal may be pleased to allow this instant application

and condone the delay in filing the said application due to non-co-

operation by the suspended Directors and hardships faced to

gather relevant documents/information to determine the doubtful

transaction carried out in the name of the Corporate Debtor;

b.

To direct Respondent No. 1 & 2 to make deposit of Rs.

10,54,00,00/- reported to have been withdrawn in cash in the

account of the Corporate Debtor being A/C No. 01900202148899

maintained with UCO Bank;

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

I.A No. 600/KB/2021

In

C.P (IB) No. 1198/KB/2018

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c.

To direct Respondent No. 3 to make deposit of Rs. 15,20,000/-

reported to have been fraudulently transferred to DAG Creative

Media Pvt. Ltd. in the account of the Corporate Debtor being A/C.

No. 01900202148899 maintained with UCO Bank;

d.

To direct Respondent No. 2 to make deposit of Rs. 1,00,700/-

reported to have been fraudulently transferred to Gour Gopal

Sarkar, father of Rana Sarkar in the account of the Corporate

Debtor being A/C No. 01900202148899 maintained with UCO

Bank;

e.

To direct Respondent No. 4 to make deposit of Rs. 63,50,000/-

reported to have been fraudulently transferred to Snigdha Sarkar,

wife of Late Arabinda Sarkar in the account of the Corporate

Debtor being A/C No. 01900202148899 maintained with UCO

bank;

f.

To direct Respondent No. 1 to make deposit of Rs. 26,56,000/-

reported to have been fraudulently transferred to Arunendu Sarkar

in the account of the Corporate Debtor being A/C. No.

01900202148899 maintained with UCO Banks.

3.

Submissions of applicant are summarized herein below;

i.

The CIRP commenced vide order dated 20/11/2019 and Applicant was

appointed as the Interim Resolution Professional. That in the first COC

Meeting, he was confirmed as RP and the Hon’ble NCLT Kolkata vide

its order dated 02/01/2020 confirmed his appointment as Resolution

professional (Herein after referred as RP).

ii.

The suspended Directors of the corporate debtor had been non-co-

operative since the commencement of CIRP. Even though the Hon’ble

NCLT, Kolkata had directed them to handover the relevant information

and documents to the RP pursuant to an application filed under Section

19(2), however till date no relevant information or documents were