The case involves an application filed by the Interim Resolution Professional (IRP), Mr. Sandeep Khaitan, against the respondents, seeking directions to the promoters and directors of the corporate debtor, National Plywood Industries Limited, to hand over the management for the smooth running and completion of the Corporate Insolvency Resolution Process (CIRP). The Tribunal had previously appointed Mr. Khaitan as IRP on 25/8/2019 and declared a moratorium. The suspended Board of Directors allegedly attempted to delay the CIRP, failed to fully cooperate, and made unaudited provisional accounts. The directors of the suspended board of the corporate debtor moved before the Hon'ble Supreme Court and till the date of passing of the order by the Apex Court on 20/1/2020, the
…The Interim Resolution Professional (IRP), Mr. Sandeep Khaitan, filed an application against the respondents, seeking directions for the promoters and directors of National Plywood Industries Limited (corporate debtor) to hand over management for CIRP completion. The Tribunal had appointed Mr. Khaitan as IRP on 25/8/2019, declaring a moratorium. The suspended Board of Directors allegedly delayed the CIRP, failed to cooperate, and submitted unaudited provisional accounts. The corporate debtor had 19 bank accounts, but only 17 were disclosed to the IRP. The directors of the suspended board of the corporate debtor moved before the Hon'ble Supreme Court and till the date of passing of the order by the Apex Court on 20/1/2020, the transaction audit could not be completed
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The case involves an application filed by the Interim Resolution Professional (IRP), Mr. Sandeep Khaitan, against the respondents, seeking directions to the promoters and directors of the corporate debtor, National Plywood Industries Limited, to hand over the management for the smooth running and completion of the Corporate Insolvency Resolution Process (CIRP). The Tribunal had previously appointed Mr. Khaitan as IRP on 25/8/2019 and declared a moratorium. The suspended Board of Directors allegedly attempted to delay the CIRP, failed to fully cooperate, and made unaudited provisional accounts. The directors of the suspended board of the corporate debtor moved before the Hon'ble Supreme Court and till the date of passing of the order by the Apex Court on 20/1/2020, the
…The Interim Resolution Professional (IRP), Mr. Sandeep Khaitan, filed an application against the respondents, seeking directions for the promoters and directors of National Plywood Industries Limited (corporate debtor) to hand over management for CIRP completion. The Tribunal had appointed Mr. Khaitan as IRP on 25/8/2019, declaring a moratorium. The suspended Board of Directors allegedly delayed the CIRP, failed to cooperate, and submitted unaudited provisional accounts. The corporate debtor had 19 bank accounts, but only 17 were disclosed to the IRP. The directors of the suspended board of the corporate debtor moved before the Hon'ble Supreme Court and till the date of passing of the order by the Apex Court on 20/1/2020, the transaction audit could not be completed
…One unit of the corporate…
The erstwhile Directors of the suspended Board…