The case involves a petition filed by the Resolution Professional (RP) under Section 70 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking directions and punishment for the officer, director, and representative of the corporate debtor, Ajudhia Distributors Ltd., for not extending assistance and cooperation to the RP in managing the affairs of the corporate debtor. A show cause notice was issued to the Director and the corporate debtor on 09/10/2017, which was served via email on 10/10/2017. Despite the notice, no one appeared from the corporate debtor's side, and no reply was received by the Tribunal.
Radico Khaitan Limited initiated proceedings against Ajudhia Distributors Ltd. under Section 9(1) of the IBC. The Resolution Professional (RP) filed C.A. (IB) No. 418/KB/2017 under Section 70 of the IBC, alleging that Ajudhia Distributors Ltd. was not cooperating with the RP in managing the affairs of the corporate debtor. A show cause notice was issued on 2017-10-09 and served via email on 2017-10-10, but no one appeared on behalf of the corporate debtor, and no reply was received. The Tribunal concluded that the corporate debtor was deliberately disobeying its directions. Mr. Mohit Korpal, the Director, was penalized Rupees Three Lakhs, to be deposited within 15 days, failing which the amount would be recovered from the corporate debtor according to law. The
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A show cause notice was…
The show cause notice…
The case involves a petition filed by the Resolution Professional (RP) under Section 70 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking directions and punishment for the officer, director, and representative of the corporate debtor, Ajudhia Distributors Ltd., for not extending assistance and cooperation to the RP in managing the affairs of the corporate debtor. A show cause notice was issued to the Director and the corporate debtor on 09/10/2017, which was served via email on 10/10/2017. Despite the notice, no one appeared from the corporate debtor's side, and no reply was received by the Tribunal.
Radico Khaitan Limited initiated proceedings against Ajudhia Distributors Ltd. under Section 9(1) of the IBC. The Resolution Professional (RP) filed C.A. (IB) No. 418/KB/2017 under Section 70 of the IBC, alleging that Ajudhia Distributors Ltd. was not cooperating with the RP in managing the affairs of the corporate debtor. A show cause notice was issued on 2017-10-09 and served via email on 2017-10-10, but no one appeared on behalf of the corporate debtor, and no reply was received. The Tribunal concluded that the corporate debtor was deliberately disobeying its directions. Mr. Mohit Korpal, the Director, was penalized Rupees Three Lakhs, to be deposited within 15 days, failing which the amount would be recovered from the corporate debtor according to law. The
…A show cause notice was…
The show cause notice…