Duty to cooperate with the resolution professional ensures compelled access to assets and records for effective insolvency resolution. The corporate insolvency framework imposes a duty to extend cooperation to the interim resolution professional or resolution professional by the corporate debtor's personnel, promoters and any person associated with its management; they must provide all assistance and cooperation as required to manage the affairs of the corporate debtor. Where those persons refuse to assist, the resolution professional may apply to the adjudicating authority, which may order compliance, direct possession of assets and records, and arrange enforcement assistance to secure information and control for the insolvency resolution process.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Duty to cooperate with the resolution professional ensures compelled access to assets and records for effective insolvency resolution.
The corporate insolvency framework imposes a duty to extend cooperation to the interim resolution professional or resolution professional by the corporate debtor's personnel, promoters and any person associated with its management; they must provide all assistance and cooperation as required to manage the affairs of the corporate debtor. Where those persons refuse to assist, the resolution professional may apply to the adjudicating authority, which may order compliance, direct possession of assets and records, and arrange enforcement assistance to secure information and control for the insolvency resolution process.
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