Resolution Professional Criticized for Neglecting Duties During Corporate Insolvency Resolution Process Despite Dire Financial Situation.

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....CIRP - Application by the RP to protect the assets of Corporate Debtor - When according to the applicant himself there was no asset of the corporate debtor, and the company had gone into losses and was left with no debtors, the applicant should have performed his duties assigned to him in the Code instead of flogging a dead horse. When the applicant had sought Police assistance, this Adjudicating authority had issued directions, but in spite of that the RP was not diligent enough to make use of it. - Tri....