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 Minsa Tech India Pvt. Ltd. u/s. 9 of the I & B Code, 2016. Subsequently, Archana Motors Pvt. Ltd., the Corporate Debtor w...