The case involves an application filed by the Resolution Professional (RP) under Sections 19(2), 23(2), and 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the tribunal to compel the respondents (ex-management of the corporate debtor) to provide assistance and cooperation for carrying out the Corporate Insolvency Resolution Process (CIRP). The RP sought information and documents necessary for conducting a forensic audit, which was approved by the Committee of Creditors (COC). The respondents allegedly failed to provide the required information, leading to the application before the NCLT.
The Resolution Professional (RP) for Transstroy (India) Ltd. filed an application under Sections 19(2), 23(2), and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to compel the ex-management of the company to provide assistance and cooperation for the CIRP. The RP claimed that the Committee of Creditors (COC) had decided to conduct a forensic audit from the financial year 2012-13 onwards and requested the respondents to provide Tally backups and financial data. The respondents allegedly failed to provide the required information, citing reasons such as limited staff and the RP already possessing the necessary data. The RP also requested employee databases, pay sheets, and pay slips, which were allegedly not provided. The respondents argued
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Company P…
Tribunal admitted the Petition and appointed…
The case involves an application filed by the Resolution Professional (RP) under Sections 19(2), 23(2), and 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the tribunal to compel the respondents (ex-management of the corporate debtor) to provide assistance and cooperation for carrying out the Corporate Insolvency Resolution Process (CIRP). The RP sought information and documents necessary for conducting a forensic audit, which was approved by the Committee of Creditors (COC). The respondents allegedly failed to provide the required information, leading to the application before the NCLT.
The Resolution Professional (RP) for Transstroy (India) Ltd. filed an application under Sections 19(2), 23(2), and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to compel the ex-management of the company to provide assistance and cooperation for the CIRP. The RP claimed that the Committee of Creditors (COC) had decided to conduct a forensic audit from the financial year 2012-13 onwards and requested the respondents to provide Tally backups and financial data. The respondents allegedly failed to provide the required information, citing reasons such as limited staff and the RP already possessing the necessary data. The RP also requested employee databases, pay sheets, and pay slips, which were allegedly not provided. The respondents argued
…Company P…
Tribunal admitted the Petition and appointed…