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2018 (6) TMI 493 - AT - Insolvency and BankruptcyCorporate insolvency procedure - liquidation proceedings - no person applied as a ‘Resolution Applicant’ nor filed any ‘Resolution Plan’- Held that:-‘Corporate Debtor’ had been incurring huge loss every year and the ‘Audited Balance Sheets’ of the ‘Corporate Debtor’ show that they had been incurring recurring losses every year and the losses have eroded its reserves and surplus Directors have committed various falsification of accounts irregularities and discrepancies in accounts have been made. Waiver of debts to the tune of ₹ 31.00 Crores, due to the ‘Corporate Debtor’ has been shown as bad debts. This apart funds were collected from third parties by the Director, which were not reflected in the books of accounts of the ‘Corporate Debtor’. From the record it is clear that the ‘Information Memorandum’ was prepared by the ‘Resolution Professional’ which was published but in the absence of any ‘Resolution Applicants’, there was no other option for the Adjudicating Authority, but to go for liquidation on completion of 270 days.
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