The case involves an application (IA/1320/IB/2020) filed by the Liquidator of Akshaya Imaging Systems Private Limited under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a declaration that certain transactions constitute preferential transactions. The Liquidator identified cash transfers totaling Rs.45,03,680/- without clear narration for the financial year ending 31.03.2018. The Corporate Insolvency Resolution Process (CIRP) was initiated on 31.05.2018. The Liquidator sought clarification from the Respondents (Mr. Sreenivasan Harikrishnan and Mr. Sreenivasan Janakiraman) regarding these transactions. The Respondents claimed the funds were borrowed from a third party and repaid. The Liquidator argued that these payments were preferential and
…The Liquidator of Akshaya Imaging Systems Private Limited filed an application under Section 43 of the IBC, 2016, alleging preferential transactions. The Liquidator identified cash transfers totaling Rs.45,03,680/- without clear narration for the financial year ending 31.03.2018. The CIRP was initiated on 31.05.2018. The Liquidator sought clarification from Mr. Sreenivasan Harikrishnan and Mr. Sreenivasan Janakiraman, the Respondents. The Respondents claimed the funds were borrowed from a third party and repaid. The Liquidator argued that these payments were preferential and intended to defraud creditors. The Respondents withdrew Rs.1,40,29,613.75 between 01.07.2017 and 31.05.2018. The Corporate Debtor's current assets decreased by Rs.1,21,92,320.43, and current
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Financial year ending, during which the…
Corporate Insolvency Resolution Process…
The case involves an application (IA/1320/IB/2020) filed by the Liquidator of Akshaya Imaging Systems Private Limited under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a declaration that certain transactions constitute preferential transactions. The Liquidator identified cash transfers totaling Rs.45,03,680/- without clear narration for the financial year ending 31.03.2018. The Corporate Insolvency Resolution Process (CIRP) was initiated on 31.05.2018. The Liquidator sought clarification from the Respondents (Mr. Sreenivasan Harikrishnan and Mr. Sreenivasan Janakiraman) regarding these transactions. The Respondents claimed the funds were borrowed from a third party and repaid. The Liquidator argued that these payments were preferential and
…The Liquidator of Akshaya Imaging Systems Private Limited filed an application under Section 43 of the IBC, 2016, alleging preferential transactions. The Liquidator identified cash transfers totaling Rs.45,03,680/- without clear narration for the financial year ending 31.03.2018. The CIRP was initiated on 31.05.2018. The Liquidator sought clarification from Mr. Sreenivasan Harikrishnan and Mr. Sreenivasan Janakiraman, the Respondents. The Respondents claimed the funds were borrowed from a third party and repaid. The Liquidator argued that these payments were preferential and intended to defraud creditors. The Respondents withdrew Rs.1,40,29,613.75 between 01.07.2017 and 31.05.2018. The Corporate Debtor's current assets decreased by Rs.1,21,92,320.43, and current
…Financial year ending, during which the…
Corporate Insolvency Resolution Process…