Smartpaddle Technology Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Fashion Influence Clothing India Pvt Ltd, which was admitted on 2023-11-22. The Applicant, Mr. Mutharasapuram Ganesan Chandrasekaran, was appointed as Interim Resolution Professional and later as Resolution Professional. Due to lack of cooperation from the Suspended Board of Directors (SBoD), the Applicant could not perform his duties effectively. The books of accounts revealed potential fraudulent activities by the suspended directors. The Applicant filed applications to direct the respondents to produce documents, but they failed to do so. The CoC resolved to initiate liquidation proceedings against the Corporate Debtor as there were no prospective resolution applicants.
Smartpaddle Technology Pvt Ltd initiated CIRP against Fashion Influence Clothing India Pvt Ltd, admitted on 2023-11-22. Mr. Mutharasapuram Ganesan Chandrasekaran was appointed as Interim Resolution Professional and later as Resolution Professional. The SBoD failed to cooperate, hindering the CIRP. Books of accounts suggested fraudulent activities by the suspended directors. An application to direct document production was disposed of on 2024-03-12, but the respondents failed to comply, leading to a contempt petition. An application under Section 66 of IBC was filed against the SBoD. Form G was published on 2024-01-21, but no resolution applicants emerged. The CoC resolved to initiate liquidation on 2024-05-03. An application for early liquidation was disposed of on
…Sign in to view the parties.
Corporate Insolvency Resolution Process…
Mr. Mutharasapuram…
Smartpaddle Technology Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Fashion Influence Clothing India Pvt Ltd, which was admitted on 2023-11-22. The Applicant, Mr. Mutharasapuram Ganesan Chandrasekaran, was appointed as Interim Resolution Professional and later as Resolution Professional. Due to lack of cooperation from the Suspended Board of Directors (SBoD), the Applicant could not perform his duties effectively. The books of accounts revealed potential fraudulent activities by the suspended directors. The Applicant filed applications to direct the respondents to produce documents, but they failed to do so. The CoC resolved to initiate liquidation proceedings against the Corporate Debtor as there were no prospective resolution applicants.
Smartpaddle Technology Pvt Ltd initiated CIRP against Fashion Influence Clothing India Pvt Ltd, admitted on 2023-11-22. Mr. Mutharasapuram Ganesan Chandrasekaran was appointed as Interim Resolution Professional and later as Resolution Professional. The SBoD failed to cooperate, hindering the CIRP. Books of accounts suggested fraudulent activities by the suspended directors. An application to direct document production was disposed of on 2024-03-12, but the respondents failed to comply, leading to a contempt petition. An application under Section 66 of IBC was filed against the SBoD. Form G was published on 2024-01-21, but no resolution applicants emerged. The CoC resolved to initiate liquidation on 2024-05-03. An application for early liquidation was disposed of on
…Corporate Insolvency Resolution Process…
Mr. Mutharasapuram…