State officials having management of the Corporate debtor, duty bound to handover the possession to the RP
This National Company Law Tribunal order addresses the seven-year failure of Jaipur Metals & Electricals Ltd.’s suspended management, including Rajasthan State officials, to transfer company assets to the Resolution Professional. The Tribunal mandates the immediate handover, rejecting the State’s justifications and criticizing its severe obstruction of the insolvency process.