https://www.taxtmi.com/caselaws?id=396653 The IP was found negligent but not strictly liable for a typographical error in the Information Memorandum (IM) as it was corrected in a subsequent report. The IP adequately disclosed all assets in the IM despite claims of omission. However, the IP's appointment of a third valuer without significant valuation differences was deemed a contravention, resulting in unnecessary costs. Drawing liquidator's fees improperly and failing to act on an insurance claim settlement were also highlighted. The IP was directed to deposit a specified amount in the Liquidation Estate and advised to exercise due diligence in future assignments. The handling of the insurance claim settlement was to be re-examined by the Board. en-us Tue, 21 Apr 2020 00:00:00 +0530 Wed, 15 Jul 2020 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396653 The IP was found negligent but not strictly liable for a typographical error in the Information Memorandum (IM) as it was corrected in a subsequent report. The IP adequately disclosed all assets in the IM despite claims of omission. However, the IP's appointment of a third valuer without significant valuation differences was deemed a contravention, resulting in unnecessary costs. Drawing liquidator's fees improperly and failing to act on an insurance claim settlement were also highlighted. The IP was directed to deposit a specified amount in the Liquidation Estate and advised to exercise due diligence in future assignments. The handling of the insurance claim settlement was to be re-examined by the Board. Case-Laws Insolvency and Bankruptcy Tue, 21 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396653