In the matter of deepak Kumar Garg (Resolution Professional of panoptes India Private Limited)
IA/2417/ND/2022
Facts:
1.CIRP was initiated against the PANOPTES India private limited vide order dated 30.11.2021 and applicant was appointed as the IRP and later as the RP.
2.Applicant appearing in person submitted that after receiving the order immediately took all steps to take charge of the corporate debtor and visited the site of the registered office of the corporate debtor at the address available at the MCA wherein it was found that no such company exist. Applicant visited another address available of the corporate debtor and and it was discovered that no such office exist and it was vacated around 12-13 months ago.
3.Applicant contacted suspended director and employee of the corporate debtor for taking possession of the books of accounts, inventory and wherabout of the corporate debtor to prepare the IM and to run the debtor. Applicant vide email requested for details like Income tax login ID passwords, status of cash flow, bank account details, location of fixed assets, and books of accounts.
4.No such was information was received and applicant filed application under section 19(2) of the Code for non-cooperation by suspended management. Applicant at its own efforts managed to get in contact with the statutory auditor when he git to know about that statutory auditor was not able to conduct the audit.
5.Applicant submitted that non availability of the information from the suspended director restrained the applicant to carry out his duty to prepare IM and functions during the period of 147 days. Applicant informed the COC about circumstances in hand and asked for passing resolution for the exclusion of this 147 days.
Prayer: Whether the period of 147 days can be excluded from the period of CIRP?
Decision: Prayer: The period of 147 days can be excluded from the period of CIRP
Rationale:
1.Tribunal noted that applicant could not perform function because of the non-cooperation of the promoters of the corporate debtor. Whereabouts of the corporate debtor was also not known as the registered office was dummy.
2.Applicant made all endevaours for performing his duties as the RP and the applicant is in the position to run the corporate debtor and prepare IM, inviting EOI after receiving documents from statutory auditor
Order:
