The case involves MA/54/2020 and IA/507/2021, both related to CP/1210/IB/2018 concerning Adept Technology Private Limited. MA/54/2020 was filed by the Resolution Professional seeking directions against T. Sundaravel, the respondent, who is in possession of the corporate debtor's movable properties. IA/507/2021 was filed by T. Sundaravel to set aside an earlier order passed in MA/54/2020. The corporate debtor, Adept Technology Private Limited, is undergoing liquidation after the Committee of Creditors (CoC) resolved for early liquidation due to factors like the company being out of business, having no revenue or employees, and possessing virtually no assets. The respondent, T. Sundaravel, is the landlord of the corporate debtor's old office and has also filed a claim
…Adept Technology Private Limited is undergoing Corporate Insolvency Resolution Process (CIRP) and subsequently liquidation. The CIRP was initiated based on an application filed under CP/1210/IB/2018. The Committee of Creditors (CoC) resolved for early liquidation of the Corporate Debtor due to its poor financial condition. An order for liquidation was passed on 03.09.2019. Ashok Seshadri was appointed as the Liquidator. T. Sundaravel, the Respondent, is the landlord of the Corporate Debtor's old office and possesses movable assets of the Corporate Debtor. T. Sundaravel has also filed a claim for rent arrears amounting to Rs. 27,21,744/-. The Liquidator has been unable to take possession and value the movable assets in the Respondent's custody. The Respondent filed
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The initial application…
The Tribunal ordered…
The case involves MA/54/2020 and IA/507/2021, both related to CP/1210/IB/2018 concerning Adept Technology Private Limited. MA/54/2020 was filed by the Resolution Professional seeking directions against T. Sundaravel, the respondent, who is in possession of the corporate debtor's movable properties. IA/507/2021 was filed by T. Sundaravel to set aside an earlier order passed in MA/54/2020. The corporate debtor, Adept Technology Private Limited, is undergoing liquidation after the Committee of Creditors (CoC) resolved for early liquidation due to factors like the company being out of business, having no revenue or employees, and possessing virtually no assets. The respondent, T. Sundaravel, is the landlord of the corporate debtor's old office and has also filed a claim
…Adept Technology Private Limited is undergoing Corporate Insolvency Resolution Process (CIRP) and subsequently liquidation. The CIRP was initiated based on an application filed under CP/1210/IB/2018. The Committee of Creditors (CoC) resolved for early liquidation of the Corporate Debtor due to its poor financial condition. An order for liquidation was passed on 03.09.2019. Ashok Seshadri was appointed as the Liquidator. T. Sundaravel, the Respondent, is the landlord of the Corporate Debtor's old office and possesses movable assets of the Corporate Debtor. T. Sundaravel has also filed a claim for rent arrears amounting to Rs. 27,21,744/-. The Liquidator has been unable to take possession and value the movable assets in the Respondent's custody. The Respondent filed
…The initial application…
The Tribunal ordered…