The National Company Law Tribunal (NCLT) New Delhi Bench recalled the insolvency admission order against Presidium Educational Institution Pvt. Ltd. And held that the Corporate Insolvency Resolution Process (CIRP) had become fundamentally flawed due to missing financial records, lack of transparency, asset opacity and serious procedural irregularities.
The RP submitted that despite extensive efforts after replacing the erstwhile RP he was unable to obtain basic books of account, financial statements, employee details, ownership records and operational information relating to the corporate debtor.
According to the RP the promoters and suspended directors remained untraceable and consistently failed to cooperate…