Cooperation with resolution professional under insolvency law includes access to financial records and other corporate debtor data.

Section 19(2) of the Insolvency and Bankruptcy Code, 2016 requires personnel of the corporate debtor, including directors and managing directors, to extend necessary cooperation to the resolution professional for effective conduct of the corporate insolvency resolution process. In that statutory context, access to accounting data, financial records and other assets was treated as part of the cooperation required to enable the resolution professional to discharge his functions. The respondent was therefore directed to extend necessary cooperation and furnish the records sought in aid of the resolution process.

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Issues: Whether the respondent, as a person connected with the corporate debtor, could be directed to extend cooperation and furnish records to the resolution professional in aid of the corporate insolvency resolution process.

Analysis: Section 19(2) of the Insolvency and Bankruptcy Code, 2016 obliges personnel, including directors and managing directors of the corporate debtor, to extend necessary cooperation to the resolution professional for carrying out his duties. The request for access to accounting data, financial records and other assets was considered in that statutory setting, and the Tribunal held that the resolution professional should be able to discharge his functions effectively with the cooperation of the respondent.

Conclusion: The respondent was directed to extend necessary cooperation to the resolution professional in respect of the corporate insolvency resolution process.

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