The liquidator, C. Ramasubramaniam, representing M/S Aqua Designs India Pvt Ltd, filed an application CA/342/CAA/2020 in CP/1022/IB/2018 under Section 230(1) of the Companies Act, 2013, seeking approval of a scheme. The Adjudicating Authority had previously raised questions about the scheme's viability in an order dated 2021-03-19. The liquidator then sought to withdraw the application, stating that he could not obtain necessary answers regarding the project's funding. The court observed that the Liquidator should have conducted a preliminary investigation of the scheme received under Section 230(1) before filing the application, including verifying the funding source and the investors.

The liquidator, C. Ramasubramaniam, representing M/S Aqua Designs India Pvt Ltd, filed an application CA/342/CAA/2020 in CP/1022/IB/2018 under Section 230(1) of the Companies Act, 2013, seeking approval of a scheme. The Adjudicating Authority had previously raised questions about the scheme's viability in an order dated 2021-03-19. The liquidator then sought to withdraw the application, stating that he could not obtain necessary answers regarding the project's funding. The court observed that the Liquidator should have conducted a preliminary investigation of the scheme received under Section 230(1) before filing the application, including verifying the funding source and the investors.