The NCLAT affirmed the right of the Resolution Professional to obtain revenue records, rejecting claims of disputed ownership as a reason to withhold the information.
NCLAT Upholds RP’s Right to Seek Revenue Records in Dispute
The National Company Law Appellate Tribunal (NCLAT) has upheld the right of the Resolution Professional (RP) to demand revenue records necessary for scrutinizing disputed transactions during the Corporate Insolvency Resolution Process (CIRP).
The NCLAT ruled that claims of disputed ownership cannot justify withholding essential financial documents from the RP, as such records are critical for comprehensive assessment during insolvency proceedings. This decision reinforces the transparency required of corporate debtors in such processes.
Legal practitioners must note this ruling, which asserts the RP's authority to acquire essential information for effective resolution management, thereby enhancing the integrity of the insolvency process.
Citations
- NCLAT Order (2026) 1 NCLAT 1
