The case involves an application under Section 60(5) read with Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, along with Rule 11 of the National Company Law Tribunal Rules, 2016. The application, IA 1495 of 2023, was filed by Bhaaskar Biswas, the Suspended Director of Oxford Facilities Management, the Corporate Debtor, seeking certain reliefs. A connected matter, IA(I.B.C)/574(KB)2023, involved a prior order of liquidation of Oxford Facilities Management passed on 2022-12-30. The liquidator sought directions regarding the release of funds.
Oxford Facilities Management is the Corporate Debtor. Avaani Oxford Owners Association is the Financial Creditor. Mr. Bhaskar Biswas is the Suspended Director of Oxford Facilities Management. The liquidator sought the release of 30 FDRs, amounting to approximately Rs. 3.70 crores, held with Union Bank of India, Ballygunge Branch. These FDRs represent sinking fund and maintenance deposits received from flat owners. The total valuation of the FDRs as of January 25, 2023, was Rs. 3,68,34,520/-. An order for liquidation of Oxford Facilities Management was passed on December 30, 2022. The FDRs are considered the only assets of the Corporate Debtor. The liquidator has the right to take possession and custody of all assets of the Corporate Debtor for effective liquidation.
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The Insolvency and…
An order of liquidation…
The case involves an application under Section 60(5) read with Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, along with Rule 11 of the National Company Law Tribunal Rules, 2016. The application, IA 1495 of 2023, was filed by Bhaaskar Biswas, the Suspended Director of Oxford Facilities Management, the Corporate Debtor, seeking certain reliefs. A connected matter, IA(I.B.C)/574(KB)2023, involved a prior order of liquidation of Oxford Facilities Management passed on 2022-12-30. The liquidator sought directions regarding the release of funds.
Oxford Facilities Management is the Corporate Debtor. Avaani Oxford Owners Association is the Financial Creditor. Mr. Bhaskar Biswas is the Suspended Director of Oxford Facilities Management. The liquidator sought the release of 30 FDRs, amounting to approximately Rs. 3.70 crores, held with Union Bank of India, Ballygunge Branch. These FDRs represent sinking fund and maintenance deposits received from flat owners. The total valuation of the FDRs as of January 25, 2023, was Rs. 3,68,34,520/-. An order for liquidation of Oxford Facilities Management was passed on December 30, 2022. The FDRs are considered the only assets of the Corporate Debtor. The liquidator has the right to take possession and custody of all assets of the Corporate Debtor for effective liquidation.
The Insolvency and…
An order of liquidation…