Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 245 - Tri - Insolvency and BankruptcyDirection to allow the applicant physical access to the registered office and corporate office of the Corporate Debtor to enable the applicant to take custody of the books of accounts and all other records of the Corporate Debtor - disclosure of applicant full details and particulars of the steps taken by it in relation to the assets and properties of the Corporate Debtor - HELD THAT:- Filing of an application like the one in hand as against one of the members of the CoC is found not fair and just. It is the CoC who has to give proper diction to RP to expedite the process so as to reduce the CIRP cost. If one among the members of the CoC is holding possession of secured interest and registered office of the CD, keeping in hand even long after the initiation of CIRP, it is improper and contrary to the provisions of the Code. The submission of the Ld. Counsel for the R1 that the only predicament of the R1 in not allowing the Resolution Professional to get access to the Registered Office of the Corporate Debtor in the absence of any specific order from the Adjudicating Authority because of litigious nature of the Corporate Debtor and its suspended directors is found devoid of any merit. R1 is bound to hand over all the assets in its possession inclusive of the registered office. In view of the facts that SBI holds possession of the registered office and according to R4 to R6 all the documents are kept in the office, unless and until it is open, the RP could not ascertain what further documents or information is required from R4 to R6 - R1/State Bank of India is directed to forthwith hand over possession of all the assets of the CD and the registered office and corporate office of the Corporate Debtor in its possession to the RP - Application allowed.
|