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 amounting to 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 of Akshaya Imaging Systems Private Limited filed an application under Section 43 of the IBC, 2016, alleging preferential transactions. The Liquidator identified cash transfers of Rs.45,03,680/- without clear narration for the financial year ending 31.03.2018. The CIRP had commenced on 31.05.2018. The Liquidator sought clarification from the Respondents, Mr. Sreenivasan Harikrishnan and Mr. Sreenivasan Janakiraman, regarding these transfers. The Respondents claimed the funds were borrowed from a third party and repaid. The Liquidator argued the transactions lacked commercial nexus and were intended to defraud creditors. The Respondents contended the application was not maintainable under Section 43 of the IBC. The Liquidator stated that the Respondents
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Financial year ending, during which cash…
Corporate Insolvency Resolution Process (CIRP)…
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 amounting to 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 of Akshaya Imaging Systems Private Limited filed an application under Section 43 of the IBC, 2016, alleging preferential transactions. The Liquidator identified cash transfers of Rs.45,03,680/- without clear narration for the financial year ending 31.03.2018. The CIRP had commenced on 31.05.2018. The Liquidator sought clarification from the Respondents, Mr. Sreenivasan Harikrishnan and Mr. Sreenivasan Janakiraman, regarding these transfers. The Respondents claimed the funds were borrowed from a third party and repaid. The Liquidator argued the transactions lacked commercial nexus and were intended to defraud creditors. The Respondents contended the application was not maintainable under Section 43 of the IBC. The Liquidator stated that the Respondents
…Financial year ending, during which cash…
Corporate Insolvency Resolution Process (CIRP)…