AI Structured Summary
Not yet generated for this judgment
Judgment
Asset,Mode of Sale,"Estimated
Liquidation
Value (INR)","Realized
Amount
(INR)","Date of
Transfer
Investment
in shares","Auction
(Fracktal Works
Pvt. Ltd.)",0,"5,25,000","March
31, 2021
Stock-in-
trade
inventory",Auction,"3,16,000","2,41,000*","April 27,
2021
,"Liquidation Costs (including
GST)","49,81,603","2,17,35,800",
,"(Secured Creditors) Union
Bank
IDBI Bank
IndusInd Bank,","1,73,42,493
26,15,408
17,77,899","2,17,35,800",
financial structure of the Corporate Debtorâ€.,,,,
IN THE NATIONAL COMPANY LAW TRIBUNALMUMBAI BENCH,",,,,
The Tribunal observes that the Application fails to provide a complete factual matrix of the case, including the status of the liquidation process,",,,,
CIRP process. Such information is critical for evaluating the progress and compliance by the Liquidator with the provisions of the IBC, 2016, and the",,,,
Liquidation Process Regulations. Incomplete factual matrix renders the Application inadequate and unsuitable for consideration.,,,,
Based on the deficiencies outlined above, the Tribunal dismiss the Application for lack of compliance with statutory and procedural requirements",,,,
under the Insolvency and Bankruptcy Code, 2016, and the Liquidation Process Regulations, 2016.",,,,
The Applicant is directed to address these deficiencies and refile the Application with the required resolution and disclosure and updates to ensure,,,,
compliance with the Insolvency and Bankruptcy Code 2016 and the Liquidation Process regulation2016.,,,,
Accordingly, IA No. 2019 of 2021 is hereby Dismissed and disposed off.",,,,
Â,,,,
Â,,,,