Police protection ordered to ensure smooth auction process and asset delivery, emphasizing Liquidator's role in insolvency The Tribunal directed Respondent Nos. 1 & 2 to provide immediate police protection to the Applicant, the Liquidator, to ensure the smooth auction ...
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Police protection ordered to ensure smooth auction process and asset delivery, emphasizing Liquidator's role in insolvency
The Tribunal directed Respondent Nos. 1 & 2 to provide immediate police protection to the Applicant, the Liquidator, to ensure the smooth auction process and asset delivery. The Owner's obstruction at the warehouse necessitated this intervention to enable the Liquidator to fulfill duties without hindrance. The judgment underscores the importance of protecting the Liquidator's role in insolvency proceedings and emphasizes the necessity of cooperation from authorities to facilitate the resolution of such cases effectively, safeguarding all stakeholders' interests.
Issues: Application under Section 60(5) Read with 35(1)(n) of the Insolvency and Bankruptcy Code, 2016 seeking police protection and assistance for auction process and asset delivery.
Analysis:
Issue 1: Application for Police Protection and Assistance The Applicant filed an application seeking orders for police protection and assistance to carry out the auction process and asset delivery. The Applicant, appointed as the Liquidator of the Corporate Debtor, faced obstruction from the Owner of the warehouse where assets were stored. The Owner's actions were hindering the auction process, preventing the Applicant from fulfilling his duties. Despite the Applicant's efforts to seek assistance from local authorities, no response or support was received. The Tribunal, after considering the facts presented, directed Respondent Nos. 1 & 2 to provide immediate police protection to the Applicant to ensure the smooth flow of the sale process and asset delivery, allowing him to carry out his responsibilities without interference.
This judgment highlights the importance of ensuring the protection of the Liquidator during insolvency proceedings, emphasizing the need for cooperation from relevant authorities to facilitate the auction process and asset delivery. The Tribunal's decision to order police protection underscores the significance of maintaining a conducive environment for the effective resolution of insolvency cases, safeguarding the interests of all stakeholders involved in the process.
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