The Applicant sought permission to distribute unsold assets to Punjab National Bank, the secured creditor with 99.10% voting rights in the erstwhile CoC.

The Tribunal had previously granted the Applicant liberty to file an application for the distribution of unsold assets to the secured creditor, Punjab National Bank.

The Tribunal had appointed the Applicant as Liquidator to liquidate the Corporate Debtor via an order dated 31/07/2019.

The Corporate Debtor under Liquidation had unsold assets including actionable claims/debtors, intellectual property rights, and land at Chittoor, Andhra Pradesh.

The process to liquidate the Corporate Debtor as a going concern was unsuccessful.

The Applicant sought permission to distribute unsold assets to Punjab National Bank, the secured creditor with 99.10% voting rights in the erstwhile CoC.

The Tribunal had previously granted the Applicant liberty to file an application for the distribution of unsold assets to the secured creditor, Punjab National Bank.

The Tribunal had appointed the Applicant as Liquidator to liquidate the Corporate Debtor via an order dated 31/07/2019.

The Corporate Debtor under Liquidation had unsold assets including actionable claims/debtors, intellectual property rights, and land at Chittoor, Andhra Pradesh.

The process to liquidate the Corporate Debtor as a going concern was unsuccessful.