This writ petition challenges the order dated 28th August 2023, which granted prayers (a) to (f) in Court Receiver Report No.21 of 2022. The petitioner, a suspended director of Liz Traders and Agent Private Limited (reconstituted as Liz Investment Private Limited), argues that Section 14 of the Insolvency and Bankruptcy Code (IBC) protects her rights as a suspended director of a corporate debtor. The Court Receiver filed a report seeking deposit of arrears of compensation/royalty. The Trial Court allowed the Court Receiver's report, leading to the present writ petition. The petitioner contends that the moratorium under IBC should prevent the recovery of property from the corporate debtor.
Urshila Ajit Kerkar, the petitioner, is a suspended director of Liz Traders and Agent Private Limited, which was later reconstituted as Liz Investment Private Limited. A Court Receiver was appointed, and a report was filed seeking deposit of arrears of compensation/royalty amounting to Rs.1,36,76,000/- from July 1, 2019, to August 2021. The Trial Court allowed Court Receiver's Report No.21 of 2022. The petitioner argues that Section 14 of the Insolvency and Bankruptcy Code (IBC) protects her rights as a suspended director of a corporate debtor, preventing the recovery of property. Liz Investment Private Limited executed an agreement as an agent of the receiver subject to payment of an initial royalty of Rs.1,10,000/- which was subsequently increased to Rs.5,26,000/-
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Liz Investment Private Limited executed the…
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This writ petition challenges the order dated 28th August 2023, which granted prayers (a) to (f) in Court Receiver Report No.21 of 2022. The petitioner, a suspended director of Liz Traders and Agent Private Limited (reconstituted as Liz Investment Private Limited), argues that Section 14 of the Insolvency and Bankruptcy Code (IBC) protects her rights as a suspended director of a corporate debtor. The Court Receiver filed a report seeking deposit of arrears of compensation/royalty. The Trial Court allowed the Court Receiver's report, leading to the present writ petition. The petitioner contends that the moratorium under IBC should prevent the recovery of property from the corporate debtor.
Urshila Ajit Kerkar, the petitioner, is a suspended director of Liz Traders and Agent Private Limited, which was later reconstituted as Liz Investment Private Limited. A Court Receiver was appointed, and a report was filed seeking deposit of arrears of compensation/royalty amounting to Rs.1,36,76,000/- from July 1, 2019, to August 2021. The Trial Court allowed Court Receiver's Report No.21 of 2022. The petitioner argues that Section 14 of the Insolvency and Bankruptcy Code (IBC) protects her rights as a suspended director of a corporate debtor, preventing the recovery of property. Liz Investment Private Limited executed an agreement as an agent of the receiver subject to payment of an initial royalty of Rs.1,10,000/- which was subsequently increased to Rs.5,26,000/-
…Liz Investment Private Limited executed the…
The royalty was…