Authority: National Company Law Tribunal, Kochi Bench (Shri Vinay Goel, Member (Judicial) and Shri Ravichandran Ramasamy, Member (Technical))

Order Date: 10 June 2026

Case Overview

This application (IA(IBC)/213/KOB/2026) was filed by the Resolution Professional (RP), CA Jasin Jose, in the matter of Alka Ventures Pvt Ltd (Corporate Debtor) against KG Ajayachandran Nair & Another. The RP sought relief to access and secure original title deeds and other documents of the Corporate Debtor from the respondents' premises, with police assistance if required. The application was filed under Section 60(5), Section 19(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 11 of the NCLT Rules and Section 429 of the Companies Act.

The background involves a Section 7 petition filed by homebuyers (CP(IB)/28/KOB/2025) which was admitted on 19 November 2025, leading to the appointment of an Interim Resolution Professional (IRP). The IRP was later replaced pursuant to an order from the Hon'ble High Court of Kerala. Due to non-cooperation from the respondents, the IRP had previously filed IA(IBC)/39/KOB/2026 under Section 19(2) of the IBC. This was allowed by the NCLT on 08 April 2026, directing the respondents to furnish all information and documents pertaining to the Corporate Debtor to the Resolution Professional within 15 days, and to deposit costs as ordered. The respondents were also directed not to sell, dispose of, or create any third-party interest over their movable or immovable properties until the cost was fully paid.

Despite these specific directions, the Applicant (RP) reported continued instances of non-cooperation, necessitating the current application. The Respondents were deliberately not providing information and had kept locks on the property. During the hearing, the Counsel for the Applicant stated they did not wish to press for the appointment of an Advocate Commissioner (relief i) but sought permission to break open the locks of doors and an Almera vehicle, if necessary, with police protection.

The Adjudicating Authority noted that the IBC entails a special summary procedure with prescribed timelines for maximizing the value of the Corporate Debtor's assets. Under Sections 18 and 25 of the IBC, the RP has a statutory duty to take control and custody of the assets, records, books, and documents of the Corporate Debtor and to preserve and protect its assets. Section 19 casts a corresponding obligation on the personnel, promoters, directors, and other persons associated with the management to extend all assistance and cooperation to the RP.

Final Outcome

The NCLT disposed of the application with specific directions to facilitate the RP's access to the Corporate Debtor's assets and documents:

  • The RP is authorized to take possession, inspection, and secure access to assets, records, books, documents, information, premises, and properties of the Corporate Debtor that form part of the Corporate Insolvency Resolution Process (CIRP). This does not extend to personal assets of the Respondents or third parties.
  • The RP must issue prior notice of his visit to the Respondents and any concerned persons via email, registered post, and affixation. Notice must also be given to the earlier counsel of the Respondents, indicating the date and time of arrival along with a copy of this Order.
  • The RP may approach the Station House Officer (SHO) of the concerned area for police assistance for his safety and security. If needed, the RP can approach the Chief Superintendent of Police of the concerned district for necessary directions.
  • If the property is found locked, the RP is empowered to break open the locks in the presence of two independent witnesses, one of whom should be a gazetted officer, a bank officer not below the designation of Chief Manager, a counsellor, or a member of the Grama Panchayath.
  • The RP must prepare a panchnama (inventory) after inspection, lock the property to ensure safety, and hand over keys to the Respondents or their representatives if present, against acknowledgment.
  • The entire process must be recorded via videography including sound, ensuring the recording is not tampered with.
  • If the Respondents voluntarily furnish the requisite information and documents, there is no need to break open any locks.
  • The RP must serve a copy of this Order on the Respondents and their counsel within 24 hours from the date of uploading of the order.

The application was disposed of with these applicable reliefs to ensure effective implementation of the CIRP within statutory timelines.

Topics: Insolvency Proceedings, Regulatory Enforcement, Corporate Governance