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of <h1>Urgent Application on Police Action in Insolvency Case: Legal Obligations Emphasized</h1> <h3>Takkshill Enterprises Versus M/s IAP Company Private Ltd.</h3> The Tribunal entertained an urgent application filed by the Interim Resolution Professional, emphasizing the need for immediate action due to statutory ... Functions of Interim Resolution Professional - Held that:- The Interim Resolution Professional has to perform onerous statutory functions under the provisions of Insolvency and Bankruptcy Code, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - In cases the complaint discloses commission of a cognizable offence the Incharge Police Station i.e. Station House Officer is under legal obligation to take cognizance of the complaint as is mandated by Section 190 of Criminal Procedure Code, 1973 - List the matter on 03.07.2018 before the Regular Bench as per the roster. Issues: Urgency of application, Instructions to Police Station, Legal obligations of PoliceUrgency of Application:The Tribunal entertained the application during holidays due to its urgency. The application was filed by the Interim Resolution Professional, highlighting the need for immediate action. The urgency was emphasized by mentioning the statutory functions the Interim Resolution Professional is required to perform under the Insolvency and Bankruptcy Code, 2016.Instructions to Police Station:The Deputy Commissioner of Police was directed to issue instructions to the Station House Officer of Police Station Palam Vihar, Gurgaon, to take cognizance of the complaint filed by the Interim Resolution Professional. The Tribunal emphasized that if the complaint discloses the commission of a cognizable offence, it is the legal obligation of the Police to take action as mandated by Section 190 of the Criminal Procedure Code, 1973. The notice issued required the officers to show cause why no action was taken on the complaint filed by the Interim Resolution Professional.Legal Obligations of Police:The Tribunal highlighted that if a complaint discloses the commission of a cognizable offence, it is mandatory for the Police to register a case and conduct an investigation. The Tribunal emphasized that the Incharge Police Station must fulfill their legal obligation in such cases. The order directed the officers to explain why no action was taken on the complaint, stressing the importance of registering a case and carrying out a thorough investigation in such situations.This judgment underscores the importance of prompt action by the Police when a complaint discloses a cognizable offence, especially in cases related to insolvency and bankruptcy proceedings. The Tribunal's directive to the Police highlights the legal obligations that must be fulfilled in such circumstances, ensuring that statutory functions are carried out effectively and in accordance with the relevant laws and regulations.
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