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TMI Blog2021 (9) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... the personnel of the Corporate Debtor. 2. Learned counsel appearing for the RP submits that the RP had placed the agenda for appointment of transaction auditor before the Committee of Creditors (CoC) in its second and third meeting held on 09.04.2021 and 16.04.2021, respectively. However, the CoC suggested that the RP first to form an opinion under regulation 35A of Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution for Corporate Persons) Regulations, 2016 ("CIRP Regulations"). 3. Due to the non-availability of information and books of accounts of the Corporate Debtor, the RP is unable to form an opinion and come to a determination under the said regulation. Therefore, on the suggestion of the CoC, the RP has filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w. However, an application for exclusion of time to form an opinion, in our considered view, is not the appropriate course to adopt. 7. The Learned counsel for the RP submits that since 02.02.2021, i.e., the date of commencement of CIRP, the RP has been the member of the suspended board of directors through "email" and "speed post," however they have "failed" to provide the possession of assets, books of accounts and other required details to the RP. It was, therefore, not possible for the RP to form an opinion. Learned counsel further submits that an application under section 19(2) has been filed by the RP before the Adjudicating Authority on 23.03.2021. 8. Section 19 provides for the personnel of the Corporate Debtor to cooperate with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suspended board should not give the custody and control of the assets and documents of the Corporate Debtor and wait for the RP to take it from them. Our only point is this the RP has to demonstrate that he has discharged his duties and yet failed in getting the custody and control of assets and documents of the Corporate Debtor. 11. Coming back to the point of exclusion, although a discretion has been provided to the Adjudicating Authority to enlarge the time for completion of CIRP, the discretion is to be used sparingly and judiciously in cases where the Applicant demonstrates that the Corporate Debtor is only a few days short of achieving a resolution by way of a resolution plan and that it would be in the interest of all stakeholders t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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