Duty to extend assistance and cooperation governs custody of corporate debtor assets, records, and requisitioned information. Duty to extend assistance and cooperation in the corporate insolvency resolution process requires the interim resolution professional or resolution professional to take custody and control of the corporate debtor's records and assets from persons covered under section 19. The professional may requisition information, assets and records not yet handed over, prepare the list where necessary, and identify the person in possession of such materials. Each list must be signed by the persons present and at least two witnesses, and an application for failure to provide requisitioned assets or records must show their inclusion in the requisition notice and omission from the custody list.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Duty to extend assistance and cooperation governs custody of corporate debtor assets, records, and requisitioned information.
Duty to extend assistance and cooperation in the corporate insolvency resolution process requires the interim resolution professional or resolution professional to take custody and control of the corporate debtor's records and assets from persons covered under section 19. The professional may requisition information, assets and records not yet handed over, prepare the list where necessary, and identify the person in possession of such materials. Each list must be signed by the persons present and at least two witnesses, and an application for failure to provide requisitioned assets or records must show their inclusion in the requisition notice and omission from the custody list.
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