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Amount duly payable to liquidator as assets proved to be fictitious/ fraudulent
Case Law Details
- Case Name
- Shibu Job Cheeran Vs Ashok Velamur Seshadri (NCLAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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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 Minsa Tech India Pvt. Ltd. u/s. 9 of the I & B Code, 2016. Subsequently, Archana Motors Pvt. Ltd., the C...
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