The case involves an application filed by Radhasiriya Properties Pvt Ltd (Applicant) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Jai Narayan Gupta (Respondent), the Liquidator of Barcle Enterprises Limited (Corporate Debtor). The Applicant sought a refund of Rs. 23,88,280/- paid to the Liquidator during a proposed scheme of compromise and arrangement. The Corporate Debtor, Barcle Enterprises Limited, was undergoing CIRP under Section 7 of the I&B Code, and subsequently, liquidation was ordered. The Applicant proposed a scheme of compromise and arrangement, and made payments to the Liquidator. However, the scheme was rejected by the creditors. The Applicant then requested a refund of the payments made, which the Liquidator refused.
1. Barcle Enterprises Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016.
2. Jai Narayan Gupta was appointed as the Liquidator of Barcle Enterprises Limited after the CIRP failed.
3. Radhasiriya Properties Pvt Ltd proposed a scheme of compromise and arrangement with the creditors of Barcle Enterprises Limited.
4. Radhasiriya Properties Pvt Ltd deposited Rs. 7,88,280/- into the corporate debtor's account.
5. Between April and May 2022, communications occurred between Radhasiriya Properties and the Liquidator regarding the scheme.
6. On 12.05.2022, the Liquidator accepted the proposed scheme and filed I.A. (IB) No. 495/KB/2022 to conduct a creditors' meeting.
7. On 06.01.2023, the
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The case involves an application filed by Radhasiriya Properties Pvt Ltd (Applicant) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Jai Narayan Gupta (Respondent), the Liquidator of Barcle Enterprises Limited (Corporate Debtor). The Applicant sought a refund of Rs. 23,88,280/- paid to the Liquidator during a proposed scheme of compromise and arrangement. The Corporate Debtor, Barcle Enterprises Limited, was undergoing CIRP under Section 7 of the I&B Code, and subsequently, liquidation was ordered. The Applicant proposed a scheme of compromise and arrangement, and made payments to the Liquidator. However, the scheme was rejected by the creditors. The Applicant then requested a refund of the payments made, which the Liquidator refused.
1. Barcle Enterprises Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016.
2. Jai Narayan Gupta was appointed as the Liquidator of Barcle Enterprises Limited after the CIRP failed.
3. Radhasiriya Properties Pvt Ltd proposed a scheme of compromise and arrangement with the creditors of Barcle Enterprises Limited.
4. Radhasiriya Properties Pvt Ltd deposited Rs. 7,88,280/- into the corporate debtor's account.
5. Between April and May 2022, communications occurred between Radhasiriya Properties and the Liquidator regarding the scheme.
6. On 12.05.2022, the Liquidator accepted the proposed scheme and filed I.A. (IB) No. 495/KB/2022 to conduct a creditors' meeting.
7. On 06.01.2023, the
Tribunal directed to…
Tribunal passed an…