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of <h1>Corporate Debtor Personnel Must Assist Resolution Professionals; Non-Compliance May Lead to Legal Action Under Regulation 3A</h1> Regulation 3A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 mandates the personnel of a corporate debtor, including its promoters and management, to assist and cooperate with the interim resolution professional or resolution professional. They must hand over custody and control of records and assets related to the debtor's finances and operations. If assets or records are not provided, the professional may prepare a list and identify custodians. All lists must be signed by present parties and witnesses. The regulation also allows for requisitioning unprovided information or assets, with non-compliance potentially leading to legal action.
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