02/02/2022

Though a Secured Creditor has chosen to realise its security interest, it is also entitled for the information and documents as entitled by a stakeholder of the liquidation process – Bennett Property Holdings Company Ltd. Vs. The Liquidator of Biodiversity Conservation (India) Pvt. Ltd. – NCLT Bengaluru Bench

The Adjudicating Authority holds though the Applicant has chosen to stand outside the liquidation proceedings and to realise its security interest, and not a stakeholder, it is also entitled for the same information and documents as entitled by a stakeholder of the liquidation process. Therefore, the Liquidator is liable to share the information and furnish the documents to the Applicant, on par with any other stakeholder of the liquidation process.

Though a Secured Creditor has chosen to realise its security interest, it is also entitled for the information and documents as entitled by a stakeholder of the liquidation process – Bennett Property Holdings Company Ltd. Vs. The Liquidator of Biodiversity Conservation (India) Pvt. Ltd. – NCLT Bengaluru Bench Read Post »

NCLT directs u/s 43 of IBC the suspended Directors to restore the amounts as prayed by the Liquidator – Addanki Haresh RP M/s. Right Engineers and Equipments Pvt. Ltd. Vs. H.P. Arun Kumar  – NCLT Bengaluru Bench

Mr. Addanki Haresh in his capacity as Resolution Professional filed and application under Section 43, and followed up the same during the Liquidation period, in his capacity as Liquidator. A single application was filed against Three directors of the Company, with a prayer to reverse the Advances paid to the Directors. The initial Forensic Audit Report identified transactions against Two directors only, and later a supplemental Report was obtained against the transactions with the Third related party and additional prayers were included against the Third related party. The submissions were supported with copies of Bank Statements. The Respondents took a technical objection that the Forensic Audit Report contained certain “Disclaimers, Exclusions and Limitations”, but did not dispute the existence of such Transactions. Hence, the Adjudicating Authority allowed the application under Section 43 and directed the Respondents to restore the amounts as prayed by the Liquidator.

NCLT directs u/s 43 of IBC the suspended Directors to restore the amounts as prayed by the Liquidator – Addanki Haresh RP M/s. Right Engineers and Equipments Pvt. Ltd. Vs. H.P. Arun Kumar  – NCLT Bengaluru Bench Read Post »

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