Punjab National Bank Vs. Divyajyoti Sponge Iron Pvt. Ltd. – NCLT Kolkata Bench

I. Case Reference Case Citation : (2017) ibclaw.in 36 NCLT Case Name : Punjab National Bank Vs. Divyajyoti Sponge Iron […]

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I. Case Reference

Case Citation : (2017) ibclaw.in 36 NCLT
Case Name : Punjab National Bank Vs. Divyajyoti Sponge Iron Pvt. Ltd.
Financial Creditor : Punjab National Bank
Corporate Debtor : Divyajyoti Sponge Iron Pvt. Ltd.
Appeal No. : C.P(IB) No.363/KB/17
Judgment Date : 22-Dec-17
Court/Bench : NCLT Kolkata Bench
Act : Insolvency & Bankruptcy Code 2016
Member (Judicial) : Shri Vijai Pratap Singh
Member (Judicial) : Shri Jinan K.R.

II. Brief about the decision

A prayer was made by the Resolution Professional seeking necessary assistance and security to him to visit factory premises of the corporate debtor to carry out statutory duties and obligations peacefully. NCLT ordered that copy of this order may be saved on the Director General of Police, West Bengal, Superintendent of Police, Bankura and in-charge of Mejia P.S. for making proper and effective assistance to the Resolution Professional in valuation of the company. In discharge of his duty any interference in the work of the Resolution Professional, action shall be initiated against the corporate debtor and it will be presumed that that corporate debtor is not obeying the order the Court. It is expected that corporate debtor should fully cooperate with the Resolution Professional.

III. Full text of the judgement

https://ibclaw.in/wp-content/uploads/2021/02/Divyajyoti-Sponge-Iron-Pvt-Ltd.pdf

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