TMI Blog2023 (8) TMI 1324X X X X Extracts X X X X X X X X Extracts X X X X ..... be in his possession in support of acquisition of said land. It is seen from the judgment in Shailesh Chawla and Ors. Vs. Vinod Kumar Mahajan and Ors. [ 2020 (9) TMI 947 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] that an application is placed on the promoters and personnel of the corporate debtor to cooperate with the Interim Resolution Professional (IRP) and help in timely completion of the resolution or liquidation process. The Impugned Order in both the appeals have been given to ensure that proper and adequate cooperation is rendered by the personnel, ex-promoters and directors of the corporate debtor to the Resolution Professional/Liquidator to ensure that the process of insolvency resolution or liquidation is completed in a timely manner, which is at the very heart of IBC. The Impugned Order does not give any finding regarding the ownership of the said property, but merely requires that the Appellant or any other person should not trespass on the property of the corporate debtor and status quo regarding the scheduled property should be maintained till the successful completion of the liquidation process - such an order does not cause any prejudice to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth the appeals). After completion of CIRP period since no successful resolution plan was obtained, the Adjudicating Authority approved the application for liquidation of the corporate debtor on 4.11.2022 and consequently Respondent Mr. Pankaj Srivastava was appointed as liquidator. The Appellant has stated that in a meeting of Committee of Creditors ( CoC ) held on 28.12.2022, the CoC sought information with regard to land parcels of the corporate debtor, its other liabilities, books of accounts etc. to assess the financial condition of the corporate debtor. The Appellant has stated that he had provided all the relevant and necessary information to the liquidator, but despite his having done so, the liquidator filed IA No. 361 of 2021 under section 19(2) seeking direction of the Adjudicating Authority to the Appellant to provide all the original documents in possession of the respondent in support of acquisition of the said land as appearing in the Audited Financial Statement of the corporate debtor, and therefore, Appellant has further stated that the land in question is his personal property and does not belong to the corporate debtor. Therefore, there is no question of his tres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor, its promoters or any other person associated with the management of the corporate debtor shall extend all assistance and cooperation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor. (2) Where any personnel of the corporate debtor, its promoter or any other person required to assist or cooperate with the interim resolution professional does not assist or cooperate, the interim resolution professional may make an application to the Adjudicating Authority for necessary directions. (3) The Adjudicating Authority, on receiving an application under subsection (2), shall by an order, direct such personnel or other person to comply with the instructions of the resolution professional and to cooperate with him in collection of information and management of the corporate debtor. xx xx xx xx 34. Appointment of liquidator and fee to be paid. (3) The personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor and provisions of section 19 shall apply in relation to voluntary liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assistance or cooperation to the 'Interim Resolution Professional', the 'National Company Law Tribunal' 'Adjudicating Authority' on the application projected by the 'Interim Resolution Professional' is empowered to pass an order and direct the person (s) to comply with the instructions of the Interim Resolution Professional' and cooperate with him in the collection of information and management of the 'Corporate Debtor 9. It is seen from the above judgment that an application is placed on the promoters and personnel of the corporate debtor to cooperate with the Interim Resolution Professional ( IRP ) and help in timely completion of the resolution or liquidation process. We are of the view that the Impugned Order in both the appeals have been given to ensure that proper and adequate cooperation is rendered by the personnel, ex-promoters and directors of the corporate debtor to the Resolution Professional/Liquidator to ensure that the process of insolvency resolution or liquidation is completed in a timely manner, which is at the very heart of IBC. 10. Now turning our attention to CA (AT) (CH) (Ins.) 261/2023, the relevant portion of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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