The scheme of IBC does not indicate that all information collected by Resolution Professional has to be shared with Shareholders, Adjudicating Authority is fully empowered to issue any direction to Resolution Professional or any other party to give any information or evidence – Dauphin Cables Pvt. Ltd. Vs. Mr. Praveen Bansal, RP Abloom Infotech Pvt. Ltd. – NCLAT New Delhi

Hon’ble NCLAT held that: (i) There is statutory requirement that information shall not be shared with third party. (ii) The scheme of IBC thus does not indicate that all information collected by the Resolution Professional has to be shared with Shareholders who asks for the information. (iii) Under the NCLT Rules, 2016, the Adjudicating Authority under Rule 43 is empowered to call for any information or evidence. The Adjudicating Authority is fully empowered to issue any direction to Resolution Professional or any other party to give any information or evidence.

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