Authority: National Company Law Tribunal, New Delhi Bench - Court-IV
Order Date: 08.06.2026
Case Overview
This application was filed by Mr. Umesh Singhal, the Interim Resolution Professional (IRP) of Supertech Township Projects Limited (Corporate Debtor), under Section 19(2) read with Section 70(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) against Supertech Township Projects Limited was initiated by Punjab & Sind Bank (Financial Creditor) and admitted by the NCLT vide order dated 12.07.2024. The IRP alleged that the suspended directors/promoters (Respondents: Ram Kishor Arora & Ors.) persistently failed to extend cooperation and hand over complete records necessary for conducting the CIRP, despite multiple requests and visits to the corporate office.
The IRP detailed a history of non-cooperation beginning from July 2024, including delayed meetings, limited access to information, and provision of only fragmented data. Specific deficiencies included: non-handover of audited accounts from FY2022 onwards; lack of access to ledger accounts in readable format; denied control of books of accounts maintained in SAP (citing consolidated group-level systems); incomplete CRM and real estate allottee data; no website access; incomplete bank statements; and withheld legal, GST, and taxation files. The Respondents contested these allegations, claiming they had provided audited financials up to March 2021, provisional statements until March 2024, bank statements, and CRM data (on 08.09.2025). They argued that full SAP access would compromise other group entities and that legal documents were with engaged counsels.
The Tribunal examined the correspondence and visits documented by the IRP, including emails dated 17.07.2024, 20.07.2024, 02.08.2024, 03.08.2024, 10.03.2025, and 21.03.2025, and physical visits on 18.07.2024, 07.03.2025, and 11.03.2025. It observed that the Respondents provided data in a fragmented manner and failed to grant effective access to CRM and SAP systems, thereby impeding the CIRP. The Tribunal emphasized that Section 19 of the IBC imposes a statutory obligation on the erstwhile management to extend full cooperation to the IRP/RP.
Final Outcome
The NCLT allowed the application (I.A. No. 4129 of 2025 in CP (IB) No. 462 of 2023) and directed the Respondents to furnish all information, records, and documents sought by the IRP and extend complete cooperation within 15 days from the date of the order. The Tribunal explicitly warned that failure to comply would result in appropriate coercive proceedings against the Respondents in accordance with law.
Topics: Insolvency Proceedings, Corporate Governance, Real Estate