Promoters Cannot Escape Scrutiny Through Liquidation of Asset-Less Corporate Debtor: NCLT Delhi

Ashok Arora Vs Presidium Educational Institution Pvt. Ltd. (NCLT Delhi) The applications before the NCLT sought extension of the Corporate Insolvency Resolution Process (CIRP) by 90 days for two corporate debtors engaged in the education sector. The Resolution Professional (RP) submitted that multiple extensions had already been granted, the promoters and suspended directors had not cooperated, essential records were unavailable, and considerable efforts were being undertaken to trace assets, obtain control over websites and digital assets, recover information, and progress the insolvency proc...