The appellants, who are suspended directors of Linkson International Ltd. (Corporate Debtor), filed an appeal against an NCLT order dated February 23, 2024. This order partly allowed the liquidator's application, which was based on a forensic audit report. The report highlighted fraudulent financial acts, siphoning of funds, and fictitious cash expenses by the CD's ex-directors/promoters. The NCLT directed the appellants to contribute ₹437.02 lakhs to the corporate debtor.
Appellants are suspended directors of Linkson International Ltd. (Corporate Debtor).
The appeal challenges an NCLT order dated February 23, 2024, which partly allowed the liquidator's application.
The NCLT directed the appellants to contribute, jointly or severally, ₹437.02 lakhs to the corporate debtor.
Linkson International Ltd. was subjected to CIRP based on a petition filed by Punjab National Bank.
Manish Baldeva was appointed IRP, then RP, and subsequently liquidator of the CD on July 20, 2018.
The liquidator appointed ADB and Associates, Chartered Accountants, on July 25, 2019, to conduct a forensic audit.
The forensic audit report was submitted on October 4, 2019.
Based on the audit report, the liquidator filed IA No. 1568 of 2020.
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Corporate Insolvency Resolution Process (CIRP)…
Manish Baldeva appointed as Interim Resolution…
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The appellants, who are suspended directors of Linkson International Ltd. (Corporate Debtor), filed an appeal against an NCLT order dated February 23, 2024. This order partly allowed the liquidator's application, which was based on a forensic audit report. The report highlighted fraudulent financial acts, siphoning of funds, and fictitious cash expenses by the CD's ex-directors/promoters. The NCLT directed the appellants to contribute ₹437.02 lakhs to the corporate debtor.
Appellants are suspended directors of Linkson International Ltd. (Corporate Debtor).
The appeal challenges an NCLT order dated February 23, 2024, which partly allowed the liquidator's application.
The NCLT directed the appellants to contribute, jointly or severally, ₹437.02 lakhs to the corporate debtor.
Linkson International Ltd. was subjected to CIRP based on a petition filed by Punjab National Bank.
Manish Baldeva was appointed IRP, then RP, and subsequently liquidator of the CD on July 20, 2018.
The liquidator appointed ADB and Associates, Chartered Accountants, on July 25, 2019, to conduct a forensic audit.
The forensic audit report was submitted on October 4, 2019.
Based on the audit report, the liquidator filed IA No. 1568 of 2020.
…Corporate Insolvency Resolution Process (CIRP)…
Manish Baldeva appointed as Interim Resolution…
Sign in to view related legal provisions.