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NATIONAL COMPANY LAW TRIBUNAL
SHRI SUNIL KUMAR AGGARWAL, JM, SHRI RADHAKRISHNA SREEPADA, TM
Mr. Putta Kempanna – Appellant
Versus
M/s. Welworth Software Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. application filed for directions regarding corporate debtor's seized funds. (Para 1 , 2) |
| 2. details of amount seized and prior legal proceedings. (Para 3 , 4) |
| 3. legal implications of seized funds within liquidation framework. (Para 5 , 6 , 7) |
| 4. court's observations on ownership and liquidation estate. (Para 8 , 9 , 10) |
| 5. final decision to allow application for deposit of funds. (Para 11 , 12 , 13 , 14 , 15) |
ORDER
1. The present application is filed by the Liquidator of Welworth Software Pvt. Ltd. (“Corporate Debtor”) under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules for directions to the Respondents to deposit the amount belonging to the Corporate Debtor into the Liquidation Account.
2. Brief relevant facts of the Application are as follows: -
i. The Corporate Debtor, Welworth Software Private Limited, was admitted to CIRP on 01.02.2022 in the main petition. As no Resolution Plan was received, the Corporate Debtor was ordered to be liquidated vide order dated 30.11.2022 in I.A. No.163/2022, and Mr. Narayana Kamma was appointed as the Liquidator.
ii. A Public Announcement in Form B was issued on 08.01.2023 in “The Hindu” (
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