9911796707
TMI Blog2022 (11) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... he Respondent : Mr. Mohit Nandwani, Advocate for R-2 Mr. Akshat Bajpai, Advocate for RP For the Appellant : Mr. Mohit Nandwani, Advocate For the Respondent : Mr. Abhijeet Sinha, Mr. Prateek Gupta, Mr. Nikhil Saini, Advocates Advocate for R-2 & 3 Mr. Akshat Bajpai, Advocate for RP ORDER These two Appeals have been filed against the Order dated 22.10.2021 passed by National Company Law Tribunal, New Delhi, Court-V wherein the direction has been issued by the Adjudicating Authority to institute a prosecution against the Respondents (Appellants before us) particularly under Section 70 of IBC, 2016. 2. The Appellants before us have been the ex-directors of the Corporate Debtor. An Application being I.A./1089/2021 was filed by the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 against Members of suspended board seeking directions for non-cooperation as some of the Documents mentioned were not provided and contained discrepancy." 5. 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. Section 70 under which Prosecution has been directed to initiate, provides for as follows: "Section 70: Punishment for misconduct in course of corporate insolvency resolution process.- (1) On or after the insolvency commencement date, where an officer of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder this section if he proves that he had no intent to do so in relation to the state of affairs of the corporate debtor. (2) If an insolvency professional deliberately contravenes the provisions of this Part the shall be punishable with imprisonment for a term which may extend to six months, or with fine which shall not be less than one lakh rupees, but may extend to five lakhs rupees, or with both." 6. Section 70(1)(c) provides that when Corporate Debtor does not deliver to the resolution professional all books and papers in his control or custody belonging to the corporate debtor and which he is required to deliver, he shall be punishable with imprisonment for a term which shall not be less than three years. Essential fact to be foun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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