The petitioner, director of Acharya Techno Solutions (India) Private Limited, faced corporate insolvency under the IBC, 2016. The NCLT suspended the Board's powers on 2019-09-13. Liquidation commenced on 2020-02-19, and the second respondent was appointed liquidator. The liquidator found the company repaid Rs.42,50,397 to the petitioner preferentially over trade payables, statutory dues, and salaries for 2017-18. The NCLT, on 2021-12-21, deemed this a 'preferential transaction' and ordered repayment within two weeks. The liquidator was directed to recover the amount. The petitioner appealed to NCLAT, seeking a stay. The NCLT, finding non-compliance, ordered the liquidator to initiate legal proceedings on 2022-01-17, followed by a report request on 2022-01-24. The
…The petitioner, Reji Sivankutty, is the director of Acharya Techno Solutions (India) Private Limited. The company faced corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The NCLT suspended the powers of the Board of Directors on 2019-09-13. The liquidation process commenced on 2020-02-19, and Shawn Jeff Christopher was appointed as the liquidator. The liquidator discovered that the company had repaid a loan of Rs.42,50,397 to the petitioner, which was deemed a preferential transaction over other dues. The NCLT ordered the petitioner to return the amount to the liquidator. The petitioner appealed to the NCLAT and sought a stay, which was not granted. The NCLT directed the liquidator to take steps to recover the amount. The
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NCLT issued an order suspending the powers of…
Liquidation process against the Company…
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The petitioner, director of Acharya Techno Solutions (India) Private Limited, faced corporate insolvency under the IBC, 2016. The NCLT suspended the Board's powers on 2019-09-13. Liquidation commenced on 2020-02-19, and the second respondent was appointed liquidator. The liquidator found the company repaid Rs.42,50,397 to the petitioner preferentially over trade payables, statutory dues, and salaries for 2017-18. The NCLT, on 2021-12-21, deemed this a 'preferential transaction' and ordered repayment within two weeks. The liquidator was directed to recover the amount. The petitioner appealed to NCLAT, seeking a stay. The NCLT, finding non-compliance, ordered the liquidator to initiate legal proceedings on 2022-01-17, followed by a report request on 2022-01-24. The
…The petitioner, Reji Sivankutty, is the director of Acharya Techno Solutions (India) Private Limited. The company faced corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The NCLT suspended the powers of the Board of Directors on 2019-09-13. The liquidation process commenced on 2020-02-19, and Shawn Jeff Christopher was appointed as the liquidator. The liquidator discovered that the company had repaid a loan of Rs.42,50,397 to the petitioner, which was deemed a preferential transaction over other dues. The NCLT ordered the petitioner to return the amount to the liquidator. The petitioner appealed to the NCLAT and sought a stay, which was not granted. The NCLT directed the liquidator to take steps to recover the amount. The
…NCLT issued an order suspending the powers of…
Liquidation process against the Company…
Sign in to view related legal provisions.