The application was filed by ICICI Bank Limited against Ms. Sonu Jain, the erstwhile liquidator of Diamond Shipping Company Limited, seeking directions for the liquidator to return Rs. 12,76,000 along with 18% interest. The applicant also sought directions for the respondent to handover all information and documents relating to the CIRP and liquidation process to the present liquidator. Diamond Shipping Company Limited was admitted into CIRP on 2019-03-14, and the respondent was appointed as the Insolvency Resolution Professional. Subsequently, the corporate debtor went into liquidation, and the respondent was replaced by Mr. Krishna Kumar Chamaria as liquidator. The replacement was due to allegations of unlawful and wrongful acts by the respondent during her tenure as
…Diamond Shipping Company Limited was admitted into CIRP on 2019-03-14. Ms. Sonu Jain was appointed as the Insolvency Resolution Professional and later became the liquidator. Subsequently, she was replaced by Mr. Krishna Kumar Chamaria due to allegations of unlawful and wrongful acts. ICICI Bank Limited, the applicant, filed an application seeking directions for Ms. Jain to return Rs. 12,76,000 along with 18% interest, claiming that she had incurred expenses without proper supporting documentation. Ms. Jain had sold an asset of the corporate debtor for Rs. 12,76,000 during her tenure as liquidator and provided an account of expenditure incurred in connection with the liquidation. The court noted that significant expenses were claimed for public announcements, filing,
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Diamond Shipping…
The Bench accepted the resignation of the…
The application was filed by ICICI Bank Limited against Ms. Sonu Jain, the erstwhile liquidator of Diamond Shipping Company Limited, seeking directions for the liquidator to return Rs. 12,76,000 along with 18% interest. The applicant also sought directions for the respondent to handover all information and documents relating to the CIRP and liquidation process to the present liquidator. Diamond Shipping Company Limited was admitted into CIRP on 2019-03-14, and the respondent was appointed as the Insolvency Resolution Professional. Subsequently, the corporate debtor went into liquidation, and the respondent was replaced by Mr. Krishna Kumar Chamaria as liquidator. The replacement was due to allegations of unlawful and wrongful acts by the respondent during her tenure as
…Diamond Shipping Company Limited was admitted into CIRP on 2019-03-14. Ms. Sonu Jain was appointed as the Insolvency Resolution Professional and later became the liquidator. Subsequently, she was replaced by Mr. Krishna Kumar Chamaria due to allegations of unlawful and wrongful acts. ICICI Bank Limited, the applicant, filed an application seeking directions for Ms. Jain to return Rs. 12,76,000 along with 18% interest, claiming that she had incurred expenses without proper supporting documentation. Ms. Jain had sold an asset of the corporate debtor for Rs. 12,76,000 during her tenure as liquidator and provided an account of expenditure incurred in connection with the liquidation. The court noted that significant expenses were claimed for public announcements, filing,
…Diamond Shipping…
The Bench accepted the resignation of the…