Deepak was appointed as Interim Resolution Professional (IRP) by Adjudicating Authority on 1 st July 2019 in respect of Corporate Debtor Bingo Ltd. Bingo Ltd. failed to file returns regarding Tax Deducted at Source for Q

Section 17 of the Insolvency and Bankruptcy Code 2016 (IBC) lists out the powers of an Interim Resolution Professional (IRP) to do all acts and execute documents in the name of corporate debtor (CD) for effective discharge of his responsibilities. Section 17(2)(e) of IBC specifies that the IRP is responsible for complying with the requirements under the law for the time being in force for the CD. This includes statutory compliances like filing TDS returns. However, Section 17(1)(c) requires the officers and managers of the CD to report to the IRP for accessing documents and records. Officers include Directors that are suspended in terms of Section 17(1)(b). Although the primary responsibility for compliance lies with the IRP, the suspended directors are not entirely absolved. They are required to discharge their duties by extending all cooperation to the IRP and providing necessary information and documents for timely compliance. Thus, the contention of the suspended directors that the responsibility of compliance lies solely with the IRP and they have no role is not entirely justified. While the IRP takes over the management, the suspended directors have a duty to cooperate and assist the IRP in fulfilling statutory obligations.