The case involves a situation where, besides the petitioner, there are no other claimants. The petitioner, acting as the Operational Creditor, is the sole member of the Committee of Creditors (COC). The ex-directors are absconding, and due to the absence of assets, no resolution plan can be explored. There is some money available in the Corporate Debtor's account.
The petitioner is the sole operational creditor and member of the COC. The ex-directors of the corporate debtor are absconding. There are no assets available, making a resolution plan impossible. Some money is available in the corporate debtor's account. The petitioner is unwilling to infuse more funds. The RP seeks discharge. The court directs the RP to list all bank accounts of the corporate debtor and release funds to the claimant for partial discharge of their outstanding claim and CIR costs. The case is to be heard again on May 9th, 2019.
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Hearing before the New…
Case to come…
The case involves a situation where, besides the petitioner, there are no other claimants. The petitioner, acting as the Operational Creditor, is the sole member of the Committee of Creditors (COC). The ex-directors are absconding, and due to the absence of assets, no resolution plan can be explored. There is some money available in the Corporate Debtor's account.
The petitioner is the sole operational creditor and member of the COC. The ex-directors of the corporate debtor are absconding. There are no assets available, making a resolution plan impossible. Some money is available in the corporate debtor's account. The petitioner is unwilling to infuse more funds. The RP seeks discharge. The court directs the RP to list all bank accounts of the corporate debtor and release funds to the claimant for partial discharge of their outstanding claim and CIR costs. The case is to be heard again on May 9th, 2019.
Hearing before the New…
Case to come…