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2022 (2) TMI 906 - AT - Insolvency and BankruptcySeeking direction to suspended directors and management to handover the complete books of accounts and other financial records and information to Resolution Professional and further all the fixed assets which belong to the Corporate Debtor - seeking for clarification and explanation as to the financial transactions which have been reported in Provisional Transaction Audit Report - also, seeking full assistance and cooperation in complete harmony and peace to the Resolution Professional - Section 19 of IBC - HELD THAT:- The order impugned has been passed in exercise of power under Section 19(2) of the IBC. Section 19 of the IBC gives extensive power to the Adjudicating Authority to issue direction to the personnel of the Corporate Debtor to cooperate. The prosecution under Section 70 has to be on complaint filed by the Board or Central Government or person authorized by the Central Government. The submission of the Learned Counsel for the Appellant that Resolution Professional is not empowered to initiate the prosecution is correct. Learned Counsel for the Resolution- Resolution Professional has however, explained that no prosecution has been initiated under Section 70 by the Resolution Professional and he has only sent the information to the Board and it is for the Board to take appropriate action. It is thus clarified that any prosecution under Section 70 can be initiated only in accordance with the procedure as provided under Section 236(2) and not by the Resolution Professional - However, with regard to any other offences including the offences under Indian Penal Code, if any complaint is filed by the Resolution Professional before a Police Station that is separate issue and has no concern with the offences under Section 70 and the order impugned shall have no bearing on such proceedings by a Police Station and they are independent proceedings which has to be considered and decided in accordance with law. There is no ground to entertain this Appeal. The Appeal is disposed of
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