Amount duly payable to liquidator as assets proved to be fictitious/ fraudulent

Shibu Job Cheeran Vs Ashok Velamur Seshadri (NCLAT Chennai)

NCLAT Chennai held that as assets proved to be fictitious/ fraudulent and seems to have been created in books of accounts with an intent to defraud the creditors. Accordingly, amount duly payable to liquidator for distribution under section 53 of I&B Code, 2016.

Facts- A Corporate Insolvency Resolution Process was initiated by the Adjudicating Authority on an application filed by an Operational Creditor M/s Mi

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