The case pertains to an application filed by the Liquidator of Smartec Build Systems Pvt Ltd under Section 54(1) of the Insolvency & Bankruptcy Code, 2016, seeking dissolution of the Corporate Debtor. The liquidation order was issued on 2019-11-13. The liquidator was appointed on 2019-11-19. Public announcement was made on 2019-12-06. Claims were received from Vivek Bansal (Operational Creditor), Bank of Baroda (Financial Creditor), and ESI (Operational Creditor). The liquidator reported that the only asset identified was an Audi car, which was located with the assistance of Police Officers and Win Win Financial Services. The Adjudicating Authority instructed the Liquidator to sell the car by auction.
The Tribunal issued a Liquidation Order for Smartec Systems Private Limited on 2019-11-13, and a Liquidator was appointed on 2019-11-19. A public announcement was made on 2019-12-06, leading to three creditor claims: Vivek Bansal (Operational Creditor), Bank of Baroda (Financial Creditor), and ESI (Operational Creditor). The Liquidator identified an Audi car as the sole asset, which was located with assistance. The Adjudicating Authority directed the sale of the car via auction. Two registered valuers assessed the car's value, and an auction was advertised on 2023-01-12. The auction occurred on 2023-01-19, with Mr. Suresh Kumar Reddy emerging as the successful bidder. The proceeds were deposited in a liquidation bank account, which was later closed after disbursement.
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The Tribunal issued a…
The Applica…
The case pertains to an application filed by the Liquidator of Smartec Build Systems Pvt Ltd under Section 54(1) of the Insolvency & Bankruptcy Code, 2016, seeking dissolution of the Corporate Debtor. The liquidation order was issued on 2019-11-13. The liquidator was appointed on 2019-11-19. Public announcement was made on 2019-12-06. Claims were received from Vivek Bansal (Operational Creditor), Bank of Baroda (Financial Creditor), and ESI (Operational Creditor). The liquidator reported that the only asset identified was an Audi car, which was located with the assistance of Police Officers and Win Win Financial Services. The Adjudicating Authority instructed the Liquidator to sell the car by auction.
The Tribunal issued a Liquidation Order for Smartec Systems Private Limited on 2019-11-13, and a Liquidator was appointed on 2019-11-19. A public announcement was made on 2019-12-06, leading to three creditor claims: Vivek Bansal (Operational Creditor), Bank of Baroda (Financial Creditor), and ESI (Operational Creditor). The Liquidator identified an Audi car as the sole asset, which was located with assistance. The Adjudicating Authority directed the sale of the car via auction. Two registered valuers assessed the car's value, and an auction was advertised on 2023-01-12. The auction occurred on 2023-01-19, with Mr. Suresh Kumar Reddy emerging as the successful bidder. The proceeds were deposited in a liquidation bank account, which was later closed after disbursement.
…The Tribunal issued a…
The Applica…