The Resolution Professional for Krishna Ferro Products Limited filed a petition under Section 19(2) read with Sections 70 and 71 of the IBC, 2016, seeking to hold the respondents liable for misconduct during the insolvency resolution process. The Resolution Professional had been appointed by the Tribunal and sent intimation to the corporate debtor to provide company details. The erstwhile directors of the corporate debtor failed to cooperate, leading the Resolution Professional to file IA No.163/CTB/2019, where the Tribunal directed the directors to cooperate. Despite the Tribunal's order, the respondents/erstwhile directors did not extend their help, preventing the petitioner from completing their work in time and hindering the auditor from submitting a full report.
Mr. Manish Jain, the Resolution Professional for Krishna Ferro Products Ltd., filed a petition under Section 19(2) read with Sections 70 and 71 of the Insolvency and Bankruptcy Code, 2016, against the directors of Krishna Ferro Products Limited, namely Mr. Harikishan Agarwal, Mr. Manabendra Nth Sahoo, and Mr. Anand Chnadra Bhutia, alleging misconduct during the insolvency resolution process. The Resolution Professional was appointed by the Tribunal in I.A.No.25/CTB/2020 in CP.No.23/CTB/2019 dated 20.01.2020. The directors failed to cooperate with the Resolution Professional, despite a Tribunal order directing them to do so. This non-cooperation hindered the completion of the resolution process and the submission of a full audit report. The petition sought to punish the
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The Resolution Professional for Krishna Ferro Products Limited filed a petition under Section 19(2) read with Sections 70 and 71 of the IBC, 2016, seeking to hold the respondents liable for misconduct during the insolvency resolution process. The Resolution Professional had been appointed by the Tribunal and sent intimation to the corporate debtor to provide company details. The erstwhile directors of the corporate debtor failed to cooperate, leading the Resolution Professional to file IA No.163/CTB/2019, where the Tribunal directed the directors to cooperate. Despite the Tribunal's order, the respondents/erstwhile directors did not extend their help, preventing the petitioner from completing their work in time and hindering the auditor from submitting a full report.
Mr. Manish Jain, the Resolution Professional for Krishna Ferro Products Ltd., filed a petition under Section 19(2) read with Sections 70 and 71 of the Insolvency and Bankruptcy Code, 2016, against the directors of Krishna Ferro Products Limited, namely Mr. Harikishan Agarwal, Mr. Manabendra Nth Sahoo, and Mr. Anand Chnadra Bhutia, alleging misconduct during the insolvency resolution process. The Resolution Professional was appointed by the Tribunal in I.A.No.25/CTB/2020 in CP.No.23/CTB/2019 dated 20.01.2020. The directors failed to cooperate with the Resolution Professional, despite a Tribunal order directing them to do so. This non-cooperation hindered the completion of the resolution process and the submission of a full audit report. The petition sought to punish the
…Tribunal passed an order in…
The order was…