The case involves multiple applications filed by the Liquidator of M/s. Akshaya Imaging Systems Private Limited under Section 66 of the Insolvency and Bankruptcy Code, 2016. These applications allege fraudulent and wrongful trading by the suspended directors and other parties, seeking declarations that certain transactions were fraudulent and directing contributions to the corporate debtor's assets. The Corporate Insolvency Resolution Process (CIRP) against M/s. Akshaya Imaging Systems Private Limited was initiated on May 31, 2018, by the Financial Creditor M/s. Syndicate Bank. Subsequently, on August 7, 2018, the Tribunal ordered the liquidation of the corporate debtor and appointed Mr. Varadachari Kumar as the Liquidator.

The case involves multiple applications filed by the Liquidator of M/s. Akshaya Imaging Systems Private Limited under Section 66 of the Insolvency and Bankruptcy Code, 2016. These applications allege fraudulent and wrongful trading by the suspended directors and other parties, seeking declarations that certain transactions were fraudulent and directing contributions to the corporate debtor's assets. The Corporate Insolvency Resolution Process (CIRP) against M/s. Akshaya Imaging Systems Private Limited was initiated on May 31, 2018, by the Financial Creditor M/s. Syndicate Bank. Subsequently, on August 7, 2018, the Tribunal ordered the liquidation of the corporate debtor and appointed Mr. Varadachari Kumar as the Liquidator.