The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, filed by the Liquidator. The application seeks early dissolution of the Corporate Debtor, We Excel Technologies Pvt. Ltd., and a direction to Syscraft Solutions Pvt. Ltd., the sole member of the Stakeholders Consultation Committee (SCC) and the petitioning Operational Creditor, to pay the CIRP and Liquidation costs. The court has raised concerns regarding the closure of the liquidation account, the holding of SCC meetings, and the settlement of CIRP and liquidation costs.
Syscraft Solutions Private Limited is the Operational Creditor of We Excel Technologies Pvt. Ltd., which is undergoing liquidation. The Liquidator filed an application (IA(IBC)/1257(KB)2023) under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking early dissolution of the Corporate Debtor. Syscraft Solutions Pvt. Ltd. is also the sole member of the Stakeholders Consultation Committee. The court observed that the applicant has not annexed the original bank statement showing receipt and payment with regard to Liquidation Account from the date of opening to date of closure of the said Liquidation Account opened in the name of the Corporate Debtor along with a certificate from the Bank that the account has been closed after the balance become “zero”. Only two
…Sign in to view the parties.
The Insolven…
The 2nd SCC meeting was held, where it was…
The case involves an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, filed by the Liquidator. The application seeks early dissolution of the Corporate Debtor, We Excel Technologies Pvt. Ltd., and a direction to Syscraft Solutions Pvt. Ltd., the sole member of the Stakeholders Consultation Committee (SCC) and the petitioning Operational Creditor, to pay the CIRP and Liquidation costs. The court has raised concerns regarding the closure of the liquidation account, the holding of SCC meetings, and the settlement of CIRP and liquidation costs.
Syscraft Solutions Private Limited is the Operational Creditor of We Excel Technologies Pvt. Ltd., which is undergoing liquidation. The Liquidator filed an application (IA(IBC)/1257(KB)2023) under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking early dissolution of the Corporate Debtor. Syscraft Solutions Pvt. Ltd. is also the sole member of the Stakeholders Consultation Committee. The court observed that the applicant has not annexed the original bank statement showing receipt and payment with regard to Liquidation Account from the date of opening to date of closure of the said Liquidation Account opened in the name of the Corporate Debtor along with a certificate from the Bank that the account has been closed after the balance become “zero”. Only two
…The Insolven…
The 2nd SCC meeting was held, where it was…