# In the matter of Akshaya Imaging Systems Private Limited

> NCLT judgment dated 26 Apr 2024. Citation: TCN-2024-NCLT-01566. The case involves multiple applications filed by the Liquidator of M/s. Akshaya Imaging…

- **Court:** NCLT
- **Order date:** 26 Apr 2024
- **Citation:** TCN-2024-NCLT-01566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akshaya-imaging-systems-private-limited-69ba5b4c

## Summary

### Background

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.

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## Facts

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, under Section 7 of the IBC, 2016. Subsequently, on August 7, 2018, the Tribunal ordered the liquidation of the corporate debtor and appointed Mr. Varadachari Kumar as the Liquidator. The Liquidator collected accounting data from the suspended directors for the period commencing April 1, 2017, in a tally format on November 3, 2018.

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## Issues and analysis

### Issue 1: Whether the Liquidator has the locus standi to file…

**Ratio:** A Liquidator has the locus standi to file applications under Section 66 of the IBC, 2016,…

**Reasoning:** The Tribunal referred to the NCLAT judgment in Amardeep Singh Bhatia -Vs- Abhishek Nagori…

**Interpretation:** The Tribunal interpreted Section 66 of the IBC, 2016, in conjunction with NCLAT…

**Application:** Despite the Respondents' argument that Section 66 only allows a Resolution…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Advocates:** For Appli…; S.Sathiyanarayanan…; +1 more

## Timeline

- **May 31, 2018 — CIRP Init…**: The Tribunal initiated Corporate Insolvency Resolution Process (CIRP) against M/s.…
- **August 7, 2018 — Liquidation…**: The Tribunal ordered the liquidation of the Corporate Debtor and appointed Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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