Allowed

in the matter of Agrs Projects LLP I.A.No.20-2022 In Cp (Ib) No.21-9-AMR-2020

NCLT8 Jul 2022

Case brief

AI extract

What is this about?

The Resolution Professional filed an application seeking specific financial and corporate records from the Corporate Debtor and interested parties. The application was allowed, and the Second Respondent was directed to furnish listed documents including balance sheets, books of accounts, and property details within a stipulated timeframe, under penalty of contempt.

What did the court decide?

Directed Second Respondent to furnish bank details, balance sheets, books of accounts, and other specified corporate documents of the Corporate Debtor within a stipulated time frame.

in the matter of Agrs Projects LLP I.A.No.20-2022 In Cp… — Insolvency and Bankruptcy | NCLT (2022)

¶1

¶2

NATIONAL COMPANY LAW TRIBUNAL AMARAVATI BENCH

¶3

(Video Conference)

¶4

PRESENT: JUSTICE TELAPROLU RAJANI – MEMBER JUDICIAL ATTENDANCE-CUM-ORDER SHEET OF THE HEARING HELD ON 08.07.2022 AT 11.00 AM

¶5

TC/CP. Nos.	CA/IA No.	Section/ Rule	Name of Parties
			Srinivas Gudla Rao (RP) Vs.
CP(IB)No.21/9/AMR/2020	IA(IBC)/20/2022	19(2)	Sriramineni Chandrapraksh & 4 others (in the matter of M/s
			AGRS Projects LLP)

¶6

Counsel for Petitioner(s):

¶7

Ries

¶8

Name of the Counsel(s) Designation	E-mail & Telephone No. Signature

¶9

Counsel for Respondent(s):

¶10

Ries

¶11

Name of the Counsel(s) Designation	E-mail & Telephone No. Signature

¶12

ORDER

¶13

IA(IBC)/20/2022 is allowed, vide separate orders.

¶14

Sd/-

¶15

JUSTICE TELAPROLU RAJANI MEMBER JUDICIAL

¶16

NCLT Amaravati Bench I.A.No.20/2022 IN

¶17

CP (IB) No.21/9/AMR/2020

¶18

NATIONAL COMPANY LAW TRIBUNAL AMARAVATI BENCH

¶19

I.A.No.20/2022

¶20

In CP (IB) No.21/9/AMR/2020

¶21

Under Section 19(2) & 60(5) of the Insolvency and Bankruptcy Code, 2016 Read with Rule 11 of NCLT Rules, 2016

¶22

In the matter of

¶23

M/s. AGRS PROJECTS LLP

¶24

BETWEEN:

¶25

Mr.Srinivas Gudla Rao, Resolution Professional of M/s.AGRS Projects LLP, Flat No.A-1, BR’s Princeton Apartments, CBM Compound, VIP Road, Visakhapatnma, Andhra Pradesh – 530003.

¶26

…Applicant/RP

¶27

AND

¶28

Mr.Sriramineni Chandraprakash, 2-729/2/1 Santi Nagar Colony, Kongareddy Palli, Chittoor, Andhra Pradesh.

¶29

Mr.Akkineni Satish, F.No.104, KSN Hallmark Apts, Silpa Park, Kondapur, Hyderabad, Telangana.

¶30

Mr.Mogleeshwara Naidu Rankipalli, D.No.1-38, Bommai Palli, Nalagampalle, Andhra Pradesh – 517425.

¶31

Page 1 of 6

¶32

NCLT Amaravati Bench I.A.No.20/2022 IN CP (IB) No.21/9/AMR/2020

¶33

Mr.Akkineni Nagasri Flat No.104 KSN Hallmark Apts, Silpa Park, Kondapur, Hyderabad.

¶34

Mrs.Janhavi Babu Bheemaneni, D.No.1-38, Palasamudram, Chittoor, Andhra Pradesh.

¶35

…Respondents

¶36

Order dated on: 08.07.2022

¶37

Coram :

¶38

Justice Telaprolu Rajani, Member Judicial.

¶39

Parties/Counsels present:

¶40

For the Applicant : Ms.Mano Ranjani &M.Rama Rao, Advocates. For the Respondent Nos.1 and 3 :Mr.P.Ramu, Advocate.

¶41

O R D E R

¶42

This Application is filed by the Resolution Professional (RP) who was appointed by virtue of the orders of this Tribunal dated 18.01.2022 in CP (IB) No.21/9/AMR/2020 for the purpose of initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. In this application, the RP seeks for a direction to the Respondents to furnish the documents mentioned in the Application which are as follows:

¶43

a) All the Bank Account details of the Corporate Debtor and cheque book and bank statements for all financial years.

¶44

Page 2 of 6

¶45

NCLT Amaravati Bench I.A.No.20/2022

¶46

IN CP (IB) No.21/9/AMR/2020

¶47

b) Audited Balance sheet as of 31.03.2017, 31.03.2018, 31.03.2019, 31.03.2020 & 31.03.2021.

¶48

c) Books of accounts of the Corporate Debtor in tally or any other package, or ledger & Registers maintained by Respondent since beginning to till 04.01.2022.

¶49

d) Provisional financials from 01.04.2021 to 04.01.2022.

¶50

e) Fixed Assets & Depreciation Register as on 04.01.2022, fixed assets schedules to the Balance Sheet.

¶51

f) Stock Register (Quantitative Details & its value) as on 04.01.2022.

¶52

g) All the land & properties in the name of the Corporate Debtor

¶53

h) Purchase & Sales Register

¶54

i) Purchase & sales invoice file

¶55

j) Details of sundry debtors & sundry creditors

¶56

k) Details of employees with their contact numbers

¶57

l) Income tax files, IT returns & Income tax audit reports

¶58

m) All the other records of the Corporate Debtor

¶59

n) Records of any other cases pending against the Corporate Debtor if any

¶60

o) All passwords & user-IDs for GST & IT

¶61

p) PPF & EPF records

¶62

q) GST/VAT return copies including notices and assessment orders and demand notice

¶63

r) AGM records

¶64

Page 3 of 6

¶65

NCLT Amaravati Bench I.A.No.20/2022 IN CP (IB) No.21/9/AMR/2020

¶66

s) ROC records

¶67

t) All legal matter files

¶68

u) Loan agreements and register

¶69

v) Rental agreements, if any

¶70

w) Related party transactions details

¶71

x) Latest audit reports including audited financial statements

¶72

y) Communications/agreements/appoint letters of professionals/consultants.

¶73

The Respondent Nos.1 and 3 filed counter contending that as per the request of the Resolution Professional (RP) they have furnished certain documents which are the audited balance sheet and Profit & Loss Account of Financial Years 2017-2018, 20182019, Form 26 to the Resolution Professional (RP) through their auditor. A copy of the mail, in evidence of the same, is also attached to the counter, which is dated 02.05.2022, by virtue of which the Resolution Professional (RP) was intimated about the submission of IT returns along with the financial of the form for two years i.e., 2018-2019 and 2019-2020. It is stated that the remaining books of account, register of purchase, sales details of sundry creditors, sundry debtor, stock register, fixed assets are with the 2^nd Respondent. It is also stated that they have also addressed a letter to the 2^nd Respondent requesting to provide the same to the Resolution Professional (RP). Notice was served to

¶74

Page 4 of 6

¶75

NCLT Amaravati Bench I.A.No.20/2022 IN CP (IB) No.21/9/AMR/2020

¶76

Respondents No.2 and 4, but they did not choose to appear before this Tribunal and resist the application.

¶77

Hence, considering the above, the Application is allowed, directing the Respondent No.2 to furnish the following documents forthwith;

¶78

a) All the Bank Account details of the Corporate Debtor and cheque book and bank statements for all financial years.

¶79

b) Audited Balance sheet as of 31.03.2017, 31.03.2018, 31.03.2019, 31.03.2020 & 31.03.2021.

¶80

c) Books of accounts of the Corporate Debtor in tally or any other package, or ledger & Registers maintained by Respondent since beginning to till 04.01.2022.

¶81

d) Provisional financials from 01.04.2021 to 04.01.2022.

¶82

e) Fixed Assets & Depreciation Register as on 04.01.2022, fixed assets schedules to the Balance Sheet.

¶83

f) Stock Register (Quantitative Details & its value) as on 04.01.2022.

¶84

g) All the land & properties in the name of the Corporate Debtor

¶85

h) Purchase & Sales Register

¶86

i) Purchase & sales invoice file

¶87

j) Details of sundry debtors & sundry creditors

¶88

k) Details of employees with their contact numbers

¶89

l) Income tax files, IT returns & Income tax audit reports

¶90

m) All the other records of the Corporate Debtor

¶91

Page 5 of 6

¶92

NCLT Amaravati Bench I.A.No.20/2022 IN CP (IB) No.21/9/AMR/2020

¶93

n) Records of any other cases pending against the Corporate Debtor if any

¶94

o) All passwords & user-IDs for GST & IT

¶95

p) PPF & EPF records

¶96

q) GST/VAT return copies including notices and assessment orders and demand notice

¶97

r) AGM records

¶98

s) ROC records

¶99

t) All legal matter files

¶100

u) Loan agreements and register

¶101

v) Rental agreements, if any

¶102

w) Related party transactions details

¶103

x) Latest audit reports including audited financial statements

¶104

y) Communications/agreements/appoint letters of professionals/consultants;

¶105

failing which he would be liable for contempt of the proceedings.

¶106

Accordingly, I.A.No.20/2022 in CP (IB) No.21/9/AMR/2020 are disposed of.

¶107

Sd/-

¶108

JUSTICE TELAPROLU RAJANI MEMBER JUDICIAL

¶109

Swamy Naidu

¶110

Page 6 of 6

in the matter of Agrs Projects LLP I.A.No.20-2022 In Cp (Ib) No.21-9-AMR-2020

Case brief

What is this about?

What did the court decide?

in the matter of Agrs Projects LLP I.A.No.20-2022 In Cp (Ib) No.21-9-AMR-2020

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Parties & counsel

Coram

Case details

Similar cases