TaxTMI 
TaxTMI 
TaxTMI 
Duty to extend cooperation to interim resolution professional [ Section 19 ]
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....gement is influential, such reluctance can filter down to employee and worker groups. On some occasions, IRPs/RPs have not been granted access to the premises of the Corporate debtor and information has been kept from them. This can create a hostile environment for the Interim Resolution Professional (IRP)/Resolution professional (RP) to work in. Section 19 is an important tool in the hands of th....
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....on professional as may be required by him in managing the affairs of the corporate debtor. IRP to seek directions to AA if officials of Corporate Debtor do not cooperate [ Section 19(2) ] * Where any personnel of the corporate debtor, its promoter or any other person required to assist or cooperate with the interim resolution professional does not assist or cooperate, the interim resolution pro....
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....e assistance of the local district administration in discharging their duties under the IBC or CIRP Regulations. * In addition, section 429 of the Companies Act, 2013, provides that the NCLT can, in any proceedings under the IBC, in order to take into custody or under its control all property, books of account, or other documents, request, in writing, the Chief Metropolitan Magistrate, Chief Jud....
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....d [Company Petition (IB) 494 (PB)/2019] * The RP filed an application under section 19(2) of the IBC as the promoters and directors of the Corporate debtor were not inclined to provide the records of the Corporate Debtor. The Adjudicating authority, exercising its jurisdiction provided under section 429 of the Companies Act, 2013, directed the police commissioner of the area to provide assistan....