w w w . L a w y e r S e r v i c e s . i n



Oasis Agro Infra Ltd. v/s Mandeep Singla & Others


Company & Directors' Information:- K. N. C. AGRO LIMITED [Active] CIN = U01500WB2005PLC102657

Company & Directors' Information:- J T L INFRA LIMITED [Active] CIN = L27106CH1991PLC011536

Company & Directors' Information:- F AND K AGRO PRIVATE LIMITED [Active] CIN = U01111PN1980PTC014563

Company & Directors' Information:- B. Y. AGRO & INFRA LIMITED [Active] CIN = U01403MH2008PLC188072

Company & Directors' Information:- H N COMPANY INFRA PRIVATE LIMITED [Active] CIN = U45201NL2005PTC007743

Company & Directors' Information:- R T AGRO PRIVATE LIMITED [Active] CIN = U15400MH1988PTC122934

Company & Directors' Information:- N A R INFRA PRIVATE LIMITED [Active] CIN = U45209TG2010PTC066556

Company & Directors' Information:- N M AGRO PRIVATE LIMITED [Active] CIN = U15209DL2000PTC103461

Company & Directors' Information:- T AND T INFRA PRIVATE LIMITED [Active] CIN = U45200PN2012PTC144893

Company & Directors' Information:- K F AGRO PRIVATE LIMITED [Active] CIN = U01132PB1998PTC021937

Company & Directors' Information:- S R C INFRA PRIVATE LIMITED [Active] CIN = U45200KA2014PTC073052

Company & Directors' Information:- T K M AGRO LIMITED [Active] CIN = U01119TZ2000PLC009159

Company & Directors' Information:- S G F INFRA PRIVATE LIMITED [Active] CIN = U45400JK2013PTC003837

Company & Directors' Information:- OASIS INDIA LTD. [Strike Off] CIN = U51109WB1995PLC072856

Company & Directors' Information:- OASIS (INDIA) LIMITED [Strike Off] CIN = U99999DL1985PLC022263

Company & Directors' Information:- AMP INFRA PRIVATE LIMITED [Active] CIN = U45400DL2014PTC269040

Company & Directors' Information:- M S AGRO PRIVATE LIMITED [Active] CIN = U01403WB2011PTC163653

Company & Directors' Information:- R E INFRA PRIVATE LIMITED [Active] CIN = U74999MH2007PTC175255

Company & Directors' Information:- S K K AGRO PRIVATE LIMITED [Active] CIN = U01110DL2007PTC163157

Company & Directors' Information:- M Y C INFRA PRIVATE LIMITED [Active] CIN = U45400UP2013PTC055996

Company & Directors' Information:- A R INFRA PRIVATE LIMITED [Active] CIN = U45202AS2008PTC008561

Company & Directors' Information:- P N AGRO PVT LTD [Active] CIN = U01401WB1992PTC056261

Company & Directors' Information:- R K INFRA(INDIA) PRIVATE LIMITED [Active] CIN = U45201KA2010PTC054009

Company & Directors' Information:- B R V AGRO PRIVATE LIMITED [Strike Off] CIN = U15139UP2007PTC034299

Company & Directors' Information:- A A AND A AGRO LIMITED [Converted to LLP] CIN = U01111DL1986PLC025101

Company & Directors' Information:- B. P AGRO INDIA PRIVATE LIMITED [Active] CIN = U15132DL2019PTC357421

Company & Directors' Information:- I V INFRA PRIVATE LIMITED [Active] CIN = U45309PB2008PTC031932

Company & Directors' Information:- M Y AGRO PRIVATE LIMITED [Active] CIN = U51221DL2011PTC215043

Company & Directors' Information:- M & B INFRA LIMITED [Active] CIN = U70109PB2012PLC036738

Company & Directors' Information:- H R D AGRO PRIVATE LIMITED [Active] CIN = U15490PB2006PTC030412

Company & Directors' Information:- C F L AGRO PRIVATE LIMITED [Strike Off] CIN = U01409KA2001PTC028797

Company & Directors' Information:- L K AGRO PRIVATE LIMITED [Active] CIN = U15140MH1998PTC115185

Company & Directors' Information:- A H INFRA LIMITED [Active] CIN = U31501WB2010PLC155151

Company & Directors' Information:- H D AGRO PRIVATE LIMITED [Strike Off] CIN = U01111MH1996PTC097451

Company & Directors' Information:- P C L AGRO PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049537

Company & Directors' Information:- V & H INFRA PRIVATE LIMITED [Active] CIN = U45203MH2008PTC181787

Company & Directors' Information:- A S AGRO PRIVATE LIMITED [Active] CIN = U74899DL1989PTC040467

Company & Directors' Information:- S N N AGRO PRIVATE LIMITED [Active] CIN = U01114JH2016PTC008919

Company & Directors' Information:- R R S AGRO PRIVATE LIMITED [Strike Off] CIN = U15139DL2010PTC209756

Company & Directors' Information:- AGRO PRIVATE LIMITED [Strike Off] CIN = U51101KA1962PTC001475

Company & Directors' Information:- D. J. AGRO PRIVATE LIMITED [Strike Off] CIN = U01112DL1994PTC057414

Company & Directors' Information:- G A AGRO PRIVATE LIMITED [Active] CIN = U01229KL2002PTC015736

Company & Directors' Information:- M K B AGRO PRIVATE LIMITED [Active] CIN = U01100MH1996PTC101802

Company & Directors' Information:- T D K AGRO PRIVATE LIMITED [Active] CIN = U29190BR1991PTC004486

Company & Directors' Information:- S G AGRO PRIVATE LIMITED [Active] CIN = U01122KA1995PTC017091

Company & Directors' Information:- S R U INFRA PRIVATE LIMITED [Active] CIN = U70102UP2014PTC065614

Company & Directors' Information:- S G U INFRA PRIVATE LIMITED [Active] CIN = U70102UP2015PTC071682

Company & Directors' Information:- AGRO INDIA PRIVATE LIMITED [Active] CIN = U01407AR2013PTC008381

Company & Directors' Information:- U & V AGRO PRIVATE LIMITED [Active] CIN = U01403TZ2015PTC021823

Company & Directors' Information:- B A B AGRO LTD [Strike Off] CIN = U24231MH1993PLC073114

Company & Directors' Information:- B A B AGRO LTD [Active] CIN = U24233WB1987PLC043179

Company & Directors' Information:- OASIS (INDIA) LIMITED [Strike Off] CIN = U51909DL1983PLC015789

Company & Directors' Information:- OASIS AGRO PRIVATE LIMITED [Active] CIN = U01111OR1995PTC003990

Company & Directors' Information:- N. S. INFRA PRIVATE LIMITED [Active] CIN = U45200UP2021PTC142424

Company & Directors' Information:- B C M AGRO PRIVATE LIMITED [Active] CIN = U01119WB1999PTC090308

Company & Directors' Information:- K. K. AGRO PVT. LTD. [Strike Off] CIN = U51420WB1987PTC042090

Company & Directors' Information:- H & W AGRO PRIVATE LIMITED [Strike Off] CIN = U01400MH2012PTC238144

Company & Directors' Information:- K D AGRO PRIVATE LIMITED [Converted to LLP] CIN = U15312DL2005PTC131996

Company & Directors' Information:- M G D INFRA PRIVATE LIMITED [Active] CIN = U45400UP2015PTC069886

Company & Directors' Information:- SINGLA AGRO PRIVATE LIMITED [Active] CIN = U15311PB1999PTC022548

Company & Directors' Information:- H R AGRO PRIVATE LIMITED [Active] CIN = U01119PB1995PTC016403

Company & Directors' Information:- K R D INFRA PRIVATE LIMITED [Active] CIN = U45400TZ2020PTC034945

Company & Directors' Information:- C K N AGRO PRIVATE LIMITED [Active] CIN = U01300KL2020PTC064742

Company & Directors' Information:- A Q AGRO PVT LTD [Under Process of Striking Off] CIN = U51209WB2006PTC109930

Company & Directors' Information:- S E AGRO PRIVATE LIMITED [Active] CIN = U52500AP2016PTC103446

Company & Directors' Information:- S U B AGRO PRIVATE LIMITED [Active] CIN = U24129PN2000PTC015404

Company & Directors' Information:- Z INFRA LIMITED [Strike Off] CIN = U45201OR2009PLC010795

Company & Directors' Information:- S B M INFRA PRIVATE LIMITED [Strike Off] CIN = U45201TR2010PTC008299

Company & Directors' Information:- A S G AGRO LIMITED [Strike Off] CIN = U01119HR2004PLC035459

Company & Directors' Information:- T & T AGRO PRIVATE LIMITED [Active] CIN = U01132WB1999PTC090368

Company & Directors' Information:- S INFRA PRIVATE LIMITED [Under Process of Striking Off] CIN = U45201OR2012PTC016064

Company & Directors' Information:- C L AGRO PRIVATE LIMITED [Strike Off] CIN = U74120UP2012PTC051898

Company & Directors' Information:- J D C INFRA PRIVATE LIMITED [Strike Off] CIN = U45209HR2012PTC045407

Company & Directors' Information:- AGRO INFRA PRIVATE LIMITED [Strike Off] CIN = U01403MH2010PTC208348

Company & Directors' Information:- S S P L INFRA PRIVATE LIMITED [Strike Off] CIN = U45201OR2011PTC013469

Company & Directors' Information:- P M S AGRO PVT LTD [Strike Off] CIN = U29211PB1994PTC014448

Company & Directors' Information:- Y. M. INFRA PRIVATE LIMITED [Active] CIN = U45400MH2010PTC211055

Company & Directors' Information:- V V INFRA PRIVATE LIMITED [Active] CIN = U45200TG2008PTC059111

Company & Directors' Information:- R V G INFRA PRIVATE LIMITED [Strike Off] CIN = U70200DL2011PTC219732

Company & Directors' Information:- B R K AGRO PRIVATE LTD [Strike Off] CIN = U29211PB1994PTC014302

Company & Directors' Information:- R E I AGRO LTD. [Active] CIN = U01111WB1994PLC065082

Company & Directors' Information:- S P G N INFRA PRIVATE LIMITED [Active] CIN = U45200AP2015PTC096326

Company & Directors' Information:- Y. C. INFRA PRIVATE LIMITED [Active] CIN = U45400WB2010PTC151352

Company & Directors' Information:- P & S AGRO INDIA LIMITED [Strike Off] CIN = U01403MH2011PLC214782

Company & Directors' Information:- D N D AGRO (INDIA) LIMITED [Active] CIN = U01403PN2011PLC139235

Company & Directors' Information:- J K S INFRA (INDIA) LIMITED [Active] CIN = U45209PB2012PLC036363

Company & Directors' Information:- L C A AGRO PRIVATE LIMITED [Strike Off] CIN = U01112UP2005PTC029657

Company & Directors' Information:- J S N INFRA (INDIA) LIMITED [Active] CIN = U45400UP2012PLC050189

Company & Directors' Information:- R V J INFRA PRIVATE LIMITED [Active] CIN = U45200DL2013PTC249181

Company & Directors' Information:- J J INFRA INDIA PRIVATE LIMITED [Active] CIN = U45209AP2011PTC078174

Company & Directors' Information:- V M G AGRO INDIA LIMITED [Active] CIN = U01100MP2011PLC026434

Company & Directors' Information:- OASIS CORPORATION LIMITED [Strike Off] CIN = U45400HR2013PLC051448

Company & Directors' Information:- A R INFRA (INDIA) PRIVATE LIMITED [Active] CIN = U70109MP2007PTC020049

Company & Directors' Information:- G D AGRO PRIVATE LIMITED [Strike Off] CIN = U24122UP1993PTC015164

Company & Directors' Information:- P B AGRO PRIVATE LIMITED [Amalgamated] CIN = U26960MH1990PTC057137

Company & Directors' Information:- R A P AGRO INDIA PVT LTD [Strike Off] CIN = U14200WB2006PTC107514

Company & Directors' Information:- G K V INFRA PRIVATE LIMITED [Strike Off] CIN = U45200PN2011PTC141814

Company & Directors' Information:- G T AGRO INDIA PRIVATE LIMITED [Strike Off] CIN = U74899DL2005PTC142577

Company & Directors' Information:- F AND K AGRO PVT LTD [Strike Off] CIN = U29248PN1980PTC022759

Company & Directors' Information:- E M AGRO (INDIA) PRIVATE LIMITED [Strike Off] CIN = U02001UP1997PTC022261

Company & Directors' Information:- J S AGRO PRIVATE LIMITED [Strike Off] CIN = U01300PB1993PTC013943

Company & Directors' Information:- A N AGRO PRIVATE LIMITED [Strike Off] CIN = U01119DL1996PTC081855

Company & Directors' Information:- V R L AGRO PRIVATE LIMITED [Strike Off] CIN = U85110KA1999PTC024717

Company & Directors' Information:- M R K INFRA PRIVATE LIMITED [Active] CIN = U45209TG2012PTC080558

Company & Directors' Information:- P. S. R. AGRO PRIVATE LIMITED [Active] CIN = U24248UP1974PTC004017

Company & Directors' Information:- O N AGRO PRIVATE LIMITED [Active] CIN = U74899DL1988PTC031986

Company & Directors' Information:- K R S AGRO PRIVATE LIMITED [Strike Off] CIN = U01400PN2011PTC141711

Company & Directors' Information:- J K AGRO PRIVATE LIMITED [Strike Off] CIN = U74900PY2011PTC002548

Company & Directors' Information:- W B S AGRO PRIVATE LIMITED [Active] CIN = U01122PB2003PTC025879

Company & Directors' Information:- L G INFRA PRIVATE LIMITED [Strike Off] CIN = U45400TN2014PTC095310

Company & Directors' Information:- G T M AGRO PRIVATE LIMITED [Strike Off] CIN = U01100MH2005PTC150816

Company & Directors' Information:- J G INFRA PRIVATE LIMITED [Active] CIN = U45209CH2012PTC034095

Company & Directors' Information:- Y K AGRO PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74999DL2013PTC250398

Company & Directors' Information:- E & P INFRA PRIVATE LIMITED [Strike Off] CIN = U74999DL2014PTC271401

Company & Directors' Information:- T & T INFRA INDIA PRIVATE LIMITED [Strike Off] CIN = U70109DL2015PTC276336

Company & Directors' Information:- K T INFRA PRIVATE LIMITED [Strike Off] CIN = U70200DL2010PTC199408

Company & Directors' Information:- N P M AGRO PRIVATE LIMITED [Strike Off] CIN = U15494DL2011PTC214942

Company & Directors' Information:- B L B AGRO PRIVATE LIMITED [Strike Off] CIN = U51200DL2012PTC244511

Company & Directors' Information:- D A AGRO PRIVATE LIMITED [Active] CIN = U74900DL2015PTC288168

Company & Directors' Information:- A 4 INFRA PRIVATE LIMITED [Strike Off] CIN = U70100DL2012PTC233921

Company & Directors' Information:- K & H INFRA PRIVATE LIMITED [Active] CIN = U45209AP2013PTC090417

Company & Directors' Information:- D. B. AGRO PRIVATE LIMITED [Active] CIN = U01100MP2010PTC025035

Company & Directors' Information:- C D E F INFRA PRIVATE LIMITED [Active] CIN = U45200KA2011PTC057888

Company & Directors' Information:- M M D INFRA PRIVATE LIMITED [Strike Off] CIN = U70101GJ2013PTC075444

Company & Directors' Information:- P M D INFRA PRIVATE LIMITED [Active] CIN = U45201GJ2007PTC050762

Company & Directors' Information:- V & T INFRA PRIVATE LIMITED [Strike Off] CIN = U70100TG2008PTC061671

    Company Application No. 67 of 2018 & Company Petition (Ib) No. 60/Chd/Pb/2017

    Decided On, 04 May 2018

    At, National Company Law Tribunal Chandigarh

    By, THE HONOURABLE MR. JUSTICE M.M. KUMAR
    By, PRESIDENT & THE HONOURABLE MR. PRADEEP R. SETHI
    By, TECHNICAL MEMBER

    For the Appearing Parties: Pulkit Goyal, Manish Jain, Divya Sharma, Advocates.



Judgment Text

1. CA No.67/2018:

This is an application filed under Section 19 (2) of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') for issuance of appropriate directions to Ex-Directors/Management for extending full cooperation and to provide necessary information to the resolution professional. The corporate insolvency resolution process was triggered in this case on 22.09.2017 (Annexure A-1). In the first meeting of the Committee of Creditors (COC) held on 22.12.2017 (Annexure A-3), specific directions were issued to the Ex-management-Directors namely Mr.Mandeep Singla, Mr.Keshav Kumar Bansal and Mr.Raj Kumar. According to the directions, exact particulars of the land, the period when the crop was uprooted premature, the subsequent termination of the lease agreement by the corporate debtor and details of plantation of crops etc. were sought. However, no exact information as required was provided. The aforesaid information is extremely necessary as the corporate debtor has secured the financial facilities from the creditors on the pretext of plantation of the poplar trees. The allegation against the corporate debtor is that the crops were uprooted without seeking prior approval from the Bank; and no particulars of such uprootment and other particulars regarding the land which was taken on lease, have been provided. The resolution professional had put a specific agenda in that regard before the COC.

2. In the meeting of COC held on 03.02.2018 (Annexure A-4), the representative of the corporate debtor was present and again directions were issued by the COC to provide numerous information with regard to the working of the corporate debtor, its assets and liabilities etc. to properly assess its financial position. The corporate debtor did not hand over the account books of the company to the resolution professional has given a vague reply questioning of credibility of the resolution professional.

3. The application has been opposed by filing an evasive and vague reply alleging bias of the resolution professional against the nonapplicant respondents. It is alleged that he has made up his mind that there was no possibility of resolution. There are further allegations against the resolution professional for not preparing Information Memorandum within 14 days of the first meeting of the COC as required by Section 25 (2) (g) of the Code. Allegations have also been made by referring to the Code of Conduct.

4. On merits, the defence put up is that the whole record has been provided to the PNB-financial creditor at the time of sanctioning of loan and disbursement of the term loan. The resolution professional, therefore, is free to ask for the same from the PNB. It is suggested that the land is already held by the Bank.

5. With regard to harvesting and pre-mature uprooting of the crop, the relevant information is stated to have been supplied to the financial creditor and a reference has been made to communications which the resolution professional is alleged to be withholding with mala fide intention. It is stated that letters dated 17.09.2015, 03.10.2015 and 06.11.2015 (Annexure R-2 to R-4 of diary No.1408, dated 03.05.2018) have already been handed over to the resolution professional. Similar averments have been made with regard to many other such things.

6. The non-applicant-respondent further state that Ex-Directors were asked to submit the details on the letter head of the Corporate Debtor duly signed by the suspended Board of Directors which is not possible for them to do. It is also stated that the requisite record can be seen at House No.22422, Bhagu Road, Bhatinda and it has been made known to the resolution professional in the letter dated 07.02.2018. Reliance has also been placed on the provisions of Section 18 (a) (i) & (ii) of the Code to argue that resolution professional is to collect the information relating to the assets, finances and operations of the corporate debtor for determining its financial position including information relating to business operations of the previous two years and financial and operational payments of the previous two years. Upon that basis, it is sought to be argued that the resolution professional is concerned only with the record of two years.

7. We have heard the learned counsel for the parties at length and are of the view that this application merits acceptance. Section 19 of the Code casts an obligation on the ex-personnel of the corporate debtor, its promoter or any other person associated with the ex-management including ex-directors to extend all assistance and cooperation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor. Section 19 (2) of the Code then empowers the resolution professional to file appropriate application before the Adjudicating Authority-NCLT to seek necessary directions and the Adjudicating Authority must issue direction to such defaulting personnel of ex-management. Section 19 of the Code is set out below for a ready reference:-

"19. (1) The personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor shall extend all assistance and cooperation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor.

(2) Where any personnel of the corporate debtor, its promoter or any other person required to assist or cooperate with the interim resolution professional does not assist or cooperate, the interim resolution professional may make an application to the Adjudicating Authority for necessary directions.

(3) The Adjudicating Authority, on receiving an application under sub-section (2), shall by an order, direct such personnel or other person to comply with the instructions of the resolution professional and to cooperate with him in collection of information and management of the corporate debtor."

8. The aforesaid provision makes it abundantly clear that exmanagement like respondents No.1 to 4 must furnish information and all assistance to the resolution professional as required by him in managing the affairs of the corporate debtor. In the absence of cooperation, powers have been conferred on the Adjudicating Authority-NCLT. The language of S.19 suggests that it must issue directions to such a defaulting personnel of the exmanagement to comply with the directions of the resolution professional and to cooperate with him. The aforesaid provisions are mandatory in character so as to enable the resolution professional to complete the corporate insolvency resolution process expeditiously and manage the affairs of the corporate debtor as a going concern. Therefore, there is no escape from the conclusion that non-applicant respondents are under legal and moral obligation to comply with the direction issued by the resolution professional.

9. The Ex-Directors No.1 to 3 instead of cooperating with the resolution professional, have been engaging the COC/resolution professional in an irrelevant and unholy dialogue. In order to avoid furnishing of information, the provisions of Section 18 (1) (a) of the Code have been relied upon to argue that the resolution professional cannot seek information for any transaction for a period beyond two years preceding the date of triggering the CIRP process. We are afraid that this is not the intent and requirement of Section 18 (1) of the Code. A careful perusal of Section 18 (1) (a) would show that as a part of his duty, the interim resolution professional is to collect all information relating to assets, finances and operations of the corporate debtor for determining its financial position, which may include information relating to business operations, land, financial and operational payments. The use of word "includes" suggest that it is illustrative and is capable of bringing within its sweep collection of information by RP beyond two years. By no stretch of imagination, it restricts the right of the resolution professional / interim resolution professional to collect information relating to the assets, finances and operations of the corporate debtor for a period of two years only. The limit of two years imposed on Resolution Professional for presenting it before COC creates no right in the ex-management to deny any information prior to two years. This provision is couched in the language which requires performance of duties by interim resolution professional / resolution professional. It does not clothe the Ex-Directors with a right to withhold information beyond period of two years. Therefore, the attempt to escape from furnishing of information is wholly against the letter and spirit of the provisions of the Code. We have distinct impression that all this is being done to avoid furnishing of vital information necessary for CIR process. Sometime people think that attack is the best defence as has been done here. The allegations against the resolution professional are bald and lack substance. There is no supporting material to consider such allegations seriously. Therefore, we reject the stance taken by the Ex-Directors-respondents.

10. As a sequel to the above discussion, this application is allowed. The resolution professional shall take possession of the whole record which is stated to be av

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ailable at House No.22422, Bhagu Road, Bhatinda, where the record has been shifted from the registered office after it was sold by the financial creditor under Section 13 of the SARFAESI Act. A representative of the Ex-Directors shall remain present at the aforesaid address on 09.05.2018 and 10.05.2018 from 10.00 a.m. to 5.00 p.m. The resolution professional shall take possession of the whole record. We hope and trust that non-applicant would co-operate and furnish the record over which they have no right sparing us from taking any further coercive action. If the Ex-Directors-respondents No.1 to 3 refuse to cooperate and do not divulge necessary information, the matter be brought to the notice of the Tribunal by the resolution professional at the earliest. The resolution professional shall be entitled to costs which is quantified at Rs. 50,000/-. The Ex-Directors shall pay the costs within one week to the resolution professional, which shall be credited to the account of the corporate debtor. The application stands disposed of.
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