Powers of NCLT during insolvency resolution of Corporate Persons – The National Company Law Tribunal shall have jurisdiction to entertain or dispose of following applications and claims while exercising jurisdiction. These are overriding provision, even if contrary to any other law – section 60(5) of Insolvency Code, 2016.
(a) any application or proceeding by or against the corporate debtor or corporate person;
(b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and
(c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code.
The interim resolution professional shall make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern [section 20(1) of Insolvency Code, 2016].
The personnel of the corporate debtor, its promoters or any other person associated with the management of the corporate debtor shall extend all assistance and cooperation to the interim resolution professional as may be required by him in managing the affairs of the corporate debtor – section 19(1) of Insolvency Code, 2016.
If they do not cooperate, application can be made by interim resolution professional to the Adjudicating Authority (NCLT) for necessary directions. NCLT will issue suitable orders – section 19(3) of Insolvency Code, 2016.