The case involves a corporate debtor whose accounts with Axis Bank and IDBI Bank have been closed after withdrawing all available amounts. After liquidating the Resolution Professional's (RP) dues, a balance of over Rs. 8 Lakhs was given to the Operational Creditor/petitioner/sole claimant, which they received as full and final settlement of their claim of Rs. 60 Lakhs. No assets or records of Ex-Directors were found. The available amount in the Corporate Debtor's bank account was used to meet CIR costs and partially liquidate the sole claimant's claim. With no assets available and no resolution plan received, liquidation was deemed necessary after 240 days. However, due to lack of funds, liquidation was considered futile.
Naveen Chandok filed a case against Jan Aahar Pvt. Ltd. The Corporate Debtor's accounts with Axis Bank and IDBI Bank were closed, and all available amounts were withdrawn. After paying the RP's dues, Rs. 8 Lakhs was given to the Operational Creditor as full and final settlement of a Rs. 60 Lakhs claim. No assets or records of Ex-Directors were found. The Corporate Debtor's bank account was used to cover CIR costs and partially settle the claimant's claim. No resolution plan was received, and after 240 days, liquidation was considered. However, there were no funds to cover liquidation costs, making it a futile exercise. The key fact is the absence of assets and funds, rendering liquidation impractical.
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Order dated 9…
Hearing before the New…
The case involves a corporate debtor whose accounts with Axis Bank and IDBI Bank have been closed after withdrawing all available amounts. After liquidating the Resolution Professional's (RP) dues, a balance of over Rs. 8 Lakhs was given to the Operational Creditor/petitioner/sole claimant, which they received as full and final settlement of their claim of Rs. 60 Lakhs. No assets or records of Ex-Directors were found. The available amount in the Corporate Debtor's bank account was used to meet CIR costs and partially liquidate the sole claimant's claim. With no assets available and no resolution plan received, liquidation was deemed necessary after 240 days. However, due to lack of funds, liquidation was considered futile.
Naveen Chandok filed a case against Jan Aahar Pvt. Ltd. The Corporate Debtor's accounts with Axis Bank and IDBI Bank were closed, and all available amounts were withdrawn. After paying the RP's dues, Rs. 8 Lakhs was given to the Operational Creditor as full and final settlement of a Rs. 60 Lakhs claim. No assets or records of Ex-Directors were found. The Corporate Debtor's bank account was used to cover CIR costs and partially settle the claimant's claim. No resolution plan was received, and after 240 days, liquidation was considered. However, there were no funds to cover liquidation costs, making it a futile exercise. The key fact is the absence of assets and funds, rendering liquidation impractical.
Order dated 9…
Hearing before the New…