The Case of the Missing Office of CD

Vivek Chiraniya

CIRP

In a CIRP matter, initiated by an operational creditor, when we visited the registered office of the corporate debtor, there was nothing to be found there. Some other business was being run from that office by someone else. The people present there were unable to tell us anything about the CD or any of the directors.

We somehow managed to find the phone number of one of the directors. He called us to meet at some other venue. We met, and he promised to provide us documents and records, but he did not provide anything. Then we contacted the auditors of the CD and based on the limited information we got from them; we took actions such as freezing of bank accounts etc. The funniest thing in this case was that the only CoC member (a secured financial creditor) was quite unhappy with us (the IP team) because they thought the CIRP was initiated by us. Their representative angrily asked us why this company was taken to CIRP, and that they wanted to withdraw it.

We then informed them that neither we were instrumental for initiating the CIRP nor they could withdraw it. Finally, the Auditors mediated between the CD and the OC. The CD agreed to clear the dues of the OC as well as the CIRP expenses till date, and the CIRP was withdrawn by the OC with the consent of CoC.

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