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of <h1>IRP confirmed as RP; promoter, director, officials and auditor ordered to fully cooperate; obstruction may be contempt; promoter appear 16.01.2019</h1> <h3>Asset Reconstruction Company (India) Pvt Ltd Versus Shivam Water Treaters Pvt. Ltd.</h3> NCLT, Mumbai approved the IRP's appointment as RP and directed full cooperation from the corporate debtor's promoter/director, company officials and ... Seeking directions against the Corporate Debtor company and ex-directors of the Corporate Debtor company - approval of appointment of IRP as RP - HELD THAT:- The allegations are very serious in nature. It is to be clarified that IRP is acting as a Court Officer and any hindrance in the work of CIRP will amount to contempt of court. It is directed that promoter/director of the Corporate Debtor company should remain present in the court on 16.1.2019. It is further directed to the promoter/director, officials and auditor of the company to fully co-operate the RP in the completion of CIRP. List on 16.1.2019 for further orders. C.P. No.(IB)1882(MB)/2018 - IRP filed affidavit of progress in CIR dated 31.12.2018 stating CoC on 14.11.2018 approved appointment of IRP as RP but did not attach 'minutes of the CoC meeting and the attendance sheet.' IRP directed to file those documents within seven days; matter listed 16.1.2019. MA 1478/2018 by IRP seeks directions against the Corporate Debtor and ex-directors for non-cooperation and misuse of company property. IRP annexed emails including: 'yesterday in the meeting, you lost your temper many times and abused me and my team members... I still cleared the 5 payments to keep it as a going concern since those payments belonged to employees, vendors and petty cash.' Tribunal observed IRP is acting as a 'Court Officer' and held that 'any hindrance in the work of CIRP will amount to contempt of court.' Promoter/director, officials and statutory auditors directed to remain present on 16.1.2019 and to fully co-operate with the RP in completion of CIRP under the IBC, 2016.
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