None
RU
Suspended directors having 51% equity in Corporate Debtor cannot claim to be unaware about initiation of CIRP
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taxguruin
Ltd. (NCLAT Delhi)NCLAT Delhi held that suspended directors, who invested about 5.5 crores and having 51% equity in Corporate Debtor, cannot claim that they were not aware about initiation of CIRP.
Accordingly, observation of Adjudicating Authority that Suspended Board of Directors of the Corporate Debtor were not cooperating with the IRP/RP/Liquidator was justifiable.
M/s Platina Bulkers Private Limited Against the Corporate Debtor i.e.
Corporate Debtor have not been cooperating with the IRP/RP and with the Liquidator to provide any statutory books and accounts.
768 of 2019 and a separate complaint was also filed on 21.10.2019 with IBBI for taking necessary action against the Suspended Directors.
['learned'
'cd'
'initiation'
'order'
'cirp'
'appellants'
'corporate'
'claim'
'tribunal'
'having'
'equity'
'suspended'
'unaware'
'submitted'
'directors'
'debtor']