If the Promoters do not cooperate & handover the necessary documents & information, AA will take the help of the Superintendent of Police of the concerned area to ensure that the possession of the Corporate Debtor & all the records are handed over to the RP and, if necessary, take criminal action against the Promoters- Ajay Kumar Vs. Shree Sai Industries Pvt. Ltd. & Anr.-NCLAT

At the instance of Shree Sai Industries Pvt. Ltd. (Operational Creditor) CIRP was initiated against Dharam Paul Metal Pvt. Ltd. (Corporate Debtor). In the said case, the Adjudicating Authority (NCLT) Mumbai Bench passed interim order of Liquidation before completion of 180 days, though it was brought to the notice of the Adjudicating Authority that the Promoters of Corporate Debtor have not cooperated and not handed over the records of the Company. Learned Counsel for the Resolution Professional further submits that in absence of any cooperation, he was not in a position to take effective control of the Corporate Debtor and faced difficulty in proceeding with the liquidation process. For the said reason, the Resolution Professional submits that he did not intend to continue as Liquidator and this was brought to the notice of the Adjudicating Authority, but in spite of the same, he has been directed to continue as Liquidator. NCLAT held that if the Promoters do not cooperate and handover the necessary documents and information the Adjudicating Authority will take the help of the Superintendent of Police of the concerned area to ensure that the possession of the Corporate Debtor and all the records are handed over to the Resolution Professional and, if necessary, take criminal action against the Promoters.

If the Promoters do not cooperate & handover the necessary documents & information, AA will take the help of the Superintendent of Police of the concerned area to ensure that the possession of the Corporate Debtor & all the records are handed over to the RP and, if necessary, take criminal action against the Promoters- Ajay Kumar Vs. Shree Sai Industries Pvt. Ltd. & Anr.-NCLAT Read Post »