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2022 (6) TMI 493 - Tri - Insolvency and BankruptcyCIRP - Application by the RP to protect the assets of Corporate Debtor - Separate Identity of Corporate Debtor - imposing vicarious liability of respondents - piercing of corporate veil by disregarding the false description of corporate debtor created by the holding company - validity of transactions including illegal inter-se sale of shares of the corporate debtor among respondents by the holding company - preferential, undervalued, fraudulent transactions or not - HELD THAT:- There is no illegal or fraudulent transaction done by the said respondents. When according to the applicant himself there was no asset of the corporate debtor, and the company had gone into losses and was left with no debtors, the applicant should have performed his duties assigned to him in the Code instead of flogging a dead horse. When the applicant had sought Police assistance, this Adjudicating authority had issued directions, but in spite of that the RP was not diligent enough to make use of it. Application dismissed.
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