2022 (3) TMI 598

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....passed in this I.A., it is observed that vide order dated 03.03.2020, the ex-management was directed to provide tally data with respect to working of the Corporate Debtor to the then R.P., now succeeded by Liquidator in the matter. It is seen that the said order is yet to be complied with by the Respondents (Respondent Nos. 1 & 2) even after lapse of two years time. Counsel for the Respondents (1 & 2) has taken us through the affidavit dated 26.10.2020 stated to be filed in compliance with the aforesaid order. Counsel for the Respondents (1 & 2) have taken us through the Para 8 of the affidavit filed by his client wherein the details/inventory documents provided by the Respondents to the Resolution Professional is mentioned. It is seen from....

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....Regulations 2016. 5. The said provisions of the Code as well as Regulations make it obligatory on the part of the ex-management to co-operate with the Liquidator. The said provisions are reproduced below:- "Section 34: Appointment of liquidator and fee to be paid. (1)_________XXX_________ (2)__________XXX__________ (3) The personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor and provisions of section 19 shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the liquidator for references to the interim resolution professional." ....

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....) fails to inform there solution professional the information in his knowledge that a debt has been falsely proved by any person during the corporate insolvency resolution process; or (e) prevents the production of any book or paper affecting or relating to the property or affairs of the corporate debtor; or (f) accounts for any part of the property of the corporate debtor by fictitious losses or expenses, or if he has so attempted at any meeting of the creditors of the corporate debtor within the twelve months immediately preceding the insolvency commencement date, he shall be punishable with imprisonment for a term which shall not be less than three years, but which may extend to five years, or with fine, which shall not be less than ....