The case involves an application (IA No. 359/2020) filed by the Resolution Professional (RP) of MLP Developers and Promoters Pvt. Ltd., the corporate debtor, under Section 19(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP sought directions from the NCLT to compel the directors and statutory auditors of the corporate debtor to cooperate and provide necessary information and documentation to facilitate the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 27.01.2020, and a moratorium was imposed.
The Corporate Insolvency Resolution Process (CIRP) was initiated against MLP Developers and Promoters Pvt. Ltd. on 27.01.2020. Mr. Romesh Sawhney was appointed as the Resolution Professional (RP). After a public announcement, the RP received two claims from Sarthak Gupta and Dolly Gupta, the financial creditors. The RP visited the corporate debtor's office and bank but was unable to obtain necessary information or documents. The RP sent numerous emails and letters requesting information, including business operations details, financial statements, asset lists, and creditor advances. The corporate debtor provided limited and incomplete information in response. The RP found discrepancies in the bank statements and tally data provided by the corporate debtor. The RP
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Corporate Insolvency Resolution Process (CIRP)…
Resolution Professional (RP) received 2…
The case involves an application (IA No. 359/2020) filed by the Resolution Professional (RP) of MLP Developers and Promoters Pvt. Ltd., the corporate debtor, under Section 19(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP sought directions from the NCLT to compel the directors and statutory auditors of the corporate debtor to cooperate and provide necessary information and documentation to facilitate the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 27.01.2020, and a moratorium was imposed.
The Corporate Insolvency Resolution Process (CIRP) was initiated against MLP Developers and Promoters Pvt. Ltd. on 27.01.2020. Mr. Romesh Sawhney was appointed as the Resolution Professional (RP). After a public announcement, the RP received two claims from Sarthak Gupta and Dolly Gupta, the financial creditors. The RP visited the corporate debtor's office and bank but was unable to obtain necessary information or documents. The RP sent numerous emails and letters requesting information, including business operations details, financial statements, asset lists, and creditor advances. The corporate debtor provided limited and incomplete information in response. The RP found discrepancies in the bank statements and tally data provided by the corporate debtor. The RP
…Corporate Insolvency Resolution Process (CIRP)…
Resolution Professional (RP) received 2…