CONFIDENTIALITY UNDERTAKING LETTER FORMAT FOR NCLT
CONFIDENTIALITY UNDERTAKING
To,
Mr. Rabi Kumar Mishra
14/5N S Road, Dholakawala Building,
Janmabhoomi Marg, Fort
Mumbai-400001, Maharashtra, India
Subject: Undertaking under Section 29 of the Insolvency And Bankruptcy Code, 2016 (IBC) and Regulation 36 (4) of the Insolvency And Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to maintain confidentiality
Sir,
This
confidentiality undertaking has been signed by
Stabnet Commercials Private Limited, a potential resolution applicant (as
per Section 5 (25) of Insolvency & Bankruptcy Code, 2016 (“Code”)), having its office at 45/5 L K
Road, Kolkata 700001 West Bengal acting
through Mr. Amit Singh, the authorized representative (“Resolution Applicant”, which expression shall, unless repugnant to
the context, include its successors, legal representatives, permitted assigns
and administrators in business) in favour of Mr. Ravi Kumar Mishra, an
insolvency professional having registration No. IBBI/IPA-001/IP-P01111/2028-291515
on the _10_ day of _May_, 2029.
THEREFORE, the Resolution Applicant hereby
declares and undertakes as follows:
a)
the Confidential
Information shall be kept confidential by the Resolution Applicant and shall be
used solely as allowed under the Code;
b)
the Resolution
Applicant shall not use the Confidential Information to cause any undue gain or
undue loss to itself or any other person;
c)
the Resolution Applicant
shall comply with all provisions of law for the time being in force relating to
confidentiality.
d)
the Resolution
Applicant shall protect any intellectual property of the corporate debtor which
it may have access to;
e)
the Confidential
Information may only be disclosed to and shared with any employees or third
parties by the Resolution Applicant, in accordance with applicable laws,
including in relation to confidentiality, and terms of this confidentiality
undertaking on a strict need-to-know basis and only to the extent necessary for
and in relation to the corporate insolvency resolution process of the corporate
debtor, provided that the Resolution Applicant binds such employees and third
parties, by way of an undertaking/ agreements, to terms at least as restrictive
as those stated in this confidentiality undertaking;
f)
the Resolution
Applicant shall ensure that all Confidential Information is kept safe and
secured at all times and is protected from any theft or leakage;
g)
the Resolution
Applicant shall immediately destroy and permanently erase all Confidential
Information upon the approval of a resolution plan by the National Company Law
Tribunal (“NCLT”) under Section
31(1) of the Code or upon an order for liquidation of the corporate debtor
being passed by the NCLT under Section 33 of the Code, unless otherwise waived
by the (i) corporate debtor in writing in the event of approval of resolution
plan by the NCLT; or (ii) liquidator in writing in the event of an order for
liquidation of the corporate debtor being passed by the NCLT under Section 33
of the Code;
h)
the Resolution
Applicant shall take all necessary steps to safeguard the privacy and
confidentiality of the information in the Information Memorandum and shall use
its best endeavours to secure that no person acting on its behalf divulges or
discloses or uses any part of the Confidential Information, including but not
limited to the financial position of the corporate debtor, all information
related to disputes by or against the corporate debtor and any other matter
pertaining to the corporate debtor as may be specified in the Information
Memorandum.
Signed
on behalf of
Stabnet
Commercials Private Limited
by Mr. Amit
Singh
Authorized
Representative
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