2018 (1) TMI 1417 - Tri - Insolvency and Bankruptcy

Prayer for police protection - taking over of management - Held that - The RP concerned superintendent of Police is directed to provide Police protection so that RP that RP may discharge his duties and take over the management. It is also expected from the corporate debtor to fully cooperate the RP, failing which action will be initiated against the corporate debtor u/s. 70 of insolvency and Bankruptcy Code, 2016 - List on 14/02/2018 for further order.

Summary

The National Company Law Tribunal, Kolkata directed the superintendent of Police to provide Police protection to the Resolution Professional (RP) in a case where the RP sought help due to lack of cooperation from the corporate debtor and potential issues with workers' union. The corporate debtor was instructed to fully cooperate, and failure to do so could lead to action under section 70 of the Insolvency and Bankruptcy Code, 2016. Next hearing scheduled for 14/02/2018.