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2019 (11) TMI 1526 - Tri - Insolvency and BankruptcyHanding over the entire documents, and other material which is in possession of the corporate debtor during the process of CIRP - direction to the 2nd and 3rd Respondents provide the books of accounts, Vouchers, financial statements for the year ended March 31, 2017 and March 31, 2018, all the schedules and details pertaining to the year ending 31 March, 2016 - direction to 2nd and 3rd Respondents to provide Provident Fund returns, proof of employment and challans paid and list of employees - HELD THAT:- There seems to be dereliction of duty on the part of the Respondent Nos.1 to 4 by not providing the necessary information to the Applicant viz., Liquidator to perform his function effectively and it will be of no avail of them to point an accusing finger at each other all of which seriously undermines the interest of creditors including employees of the Corporate Debtor. Therefore, we hereby direct each of the Respondents either individually or jointly to provide all the data and information to the Liquidator as sought for, particularly, in relation to the financial statements for the year ended 31.03.2017 as well as for the year ended 31.03.2018 within a period of three weeks from today. It is evident from the averments made in the Application and as well as during the course of submissions of the Applicant and R2 and R4 as R1 did not choose to appear at the time of oral submissions, that the IRP/RP has grossly failed in his duty to maintain even the 'essential services' of the Corporate Debtor, which is required to be taken note of by the Insolvency and Bankruptcy Board of India (IBBI), being the Regulator and a suitable action be initiated against the IRP/RP viz., Karthigeyan Srinivasan, after due enquiry, as contemplated under the Scheme of the I&B Code, 2016 and the Regulations framed there under by IBBI in relation to conduct of IRP/RP of Corporate Persons during the CIR Process as the Regulator is the person which can take the action for the omissions and commissions purported to have been committed by the IRP/RP as evident in the present instance for which purpose the copy of this Order be forwarded by the Registry to IBBI. The Applicant viz., Liquidator is directed to file the report about the compliance on the part of the Respondents, within 4 weeks from today.
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