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2022 (11) TMI 956 - AT - Insolvency and BankruptcyInstitution of prosecution against the ex-directors of the Corporate Debtor u/s of IBC, 2016 - suspended board - allegation of non-cooperation - HELD THAT:- It is true that the Adjudicating Authority while considering the proceedings under IBC has full jurisdiction to make a reference to the Board or the Central Government to file a complaint for initiating any prosecution. In the present case, there was no Application or Request made by RP or any party to initiate any prosecution. There has to be prima facie satisfaction that papers which have been sought for, are in his control or custody which is not being given by the Corporate Debtor, which may lead to a reference for institution of prosecution. From the facts, which has been brought on record, it is clear that total thirty-seven documents were asked for by the RP, which all were provided except Sr. No. 27. There is also no finding that this document at Sr. No. 27 is in the possession of either of the Appellants. The direction for initiating prosecution was uncalled for - appeal allowed.
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