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 undergoing liquidation, with an order passed on 2022-12-30. The company's suspended director, Bhaaskar Biswas, filed an application (IA 1495 of 2023) seeking clarification and stay of previous orders. The primary asset of the Corporate Debtor consists of 30 FDRs, totaling approximately Rs. 3.70 crores, held with Union Bank of India. These FDRs represent sinking fund and maintenance deposits received from flat owners. The liquidator sought the release of these FDRs to form part of the liquidation estate for distribution to creditors as per Section 53 of the IBC, 2016. The total valuation of the FDRs as of 2023-01-25 was Rs. 3,68,34,520/-. The liquidator has the right to take possession and custody of all assets of the Corporate Debtor.
Sign in to view the parties.
The Insolven…
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 undergoing liquidation, with an order passed on 2022-12-30. The company's suspended director, Bhaaskar Biswas, filed an application (IA 1495 of 2023) seeking clarification and stay of previous orders. The primary asset of the Corporate Debtor consists of 30 FDRs, totaling approximately Rs. 3.70 crores, held with Union Bank of India. These FDRs represent sinking fund and maintenance deposits received from flat owners. The liquidator sought the release of these FDRs to form part of the liquidation estate for distribution to creditors as per Section 53 of the IBC, 2016. The total valuation of the FDRs as of 2023-01-25 was Rs. 3,68,34,520/-. The liquidator has the right to take possession and custody of all assets of the Corporate Debtor.
The Insolven…
An order of liquidation…