Tribunal orders RP to secure assets, serve notice, and file affidavits. The tribunal directed the RP to secure disputed assets and report on their status, serve notice on the remaining respondent, and file an affidavit of ...
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Tribunal orders RP to secure assets, serve notice, and file affidavits.
The tribunal directed the RP to secure disputed assets and report on their status, serve notice on the remaining respondent, and file an affidavit of service. The RP was instructed to file a reply affidavit within 7 days and the applicant to provide necessary documents for claim revision. The tribunal reiterated the order for the erstwhile IRP to promptly hand over all records to the RP, issuing directions via email. The case was listed for further consideration on a specified date.
Issues: Application by director of suspended Board of Directors against RP and Financial Creditor, possession of disputed assets, revival of claim, handover of records by erstwhile IRP.
The judgment pertains to an application filed by a director of the suspended Board of Directors of the Corporate Debtor against the RP and the Financial Creditor. The RP informed the tribunal that the disputed assets are in possession of a buyer due to proceedings before the Debts Recovery Tribunal initiated by a Financial Creditor. The RP requested time to respond and was directed to take immediate steps to secure the assets and report on the status of the property. The tribunal ordered the RP to serve notice on the remaining respondent and file an affidavit of service.
In another application, the RP was directed to file a reply affidavit within 7 days and the applicant was instructed to provide all necessary documents to revise the claim if required. The RP highlighted that the erstwhile IRP had not handed over all records as previously directed. The tribunal reiterated the order for the IRP to return all documents to the RP promptly, issuing directions via email. The matter was listed for further consideration on a specified date.
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