Name: Ranjit Singh

Name: Indian Ocean Takeaway Ltd

Date of Birth: 28 / 7 / 1972

Date Order Starts: 11 / 8 / 2025

Disqualification Length: 8 Years  Month(s)

CRO Number: 11901634

Last Known Address: 48 City Way, , , , ROCHESTER, ME1 2AB

Conduct: On 13 July 2020 Mr Ranjit Singh (‘Mr Singh’) obtained a Government-backed Bounce Back Loan (‘BBL’) of £50,000 for Indian Ocean Takeaway Ltd (‘IOT’) by providing false or knowingly inaccurate information regarding IOT’s estimated annual turnover, thereby causing it to obtain £37,577 in BBL funding to which it was not entitled, In that : • The BBL scheme permitted a loan of up to 25% of a business’ turnover in the calendar year 2019 (or estimated annual turnover from the date it commenced trading if it had been established after 01 January 2019), from £2,000 to a maximum of £50,000; • IOT was incorporated in March 2019 and commenced trading in April 2019; • As IOT was established after 01 January 2019 it was permitted to estimate its annual income for the BBL application, however accounts were prepared for the period ended 31 March 2020, which was approximately one year’s trading; • These accounts record turnover of £49,693 which would have entitled IOT to a BBL of no more than £12,423; • On 13 July 2020 Mr Singh signed an agreement for a BBL from IOT’s bank, self-certifying that its estimated annual turnover was £200,000 and requesting a loan of £50,000; • Therefore IOT obtained £37,577 in BBL funding to which it was not entitled; • At the liquidation date the bank was owed £35,345 and it was the majority creditor in the liquidation. Mr Singh failed to ensure that IOT maintained and/or preserved adequate records and has failed to deliver up sufficient accounting records to explain IOT's financial affairs for the period from at least 01 May 2021 to its liquidation on 04 May 2023. In that: • IOT’s accountants have advised that the records provided to them were incomplete and this led to discrepancies every quarter; • The issues identified were: o Missing invoices; o Transfers of funds and sales between Mr Singh’s personal bank account and IOT’s account; and o Payments to suppliers made from Mr Singh’s personal account. • The accountant advised that the use of Mr Singh’s personal account made it difficult to distinguish between personal and business-related expenses. • The liquidator advised that they were not provided with ledgers or management accounts for 2022 and 2023, and this impacted on the preparation of the statement of affairs and hindered their investigations. • The records delivered up in the liquidation did not include: o Sales records such as till rolls or food portal remittance advices; o Purchase invoices o Expense invoices; or o Summary records of the above. • The general consequences of a failure to deliver up complete records are that it is not possible to: o Verify that the Company has received all monies due to it, and/or whether there were any debtors outstanding at the liquidation date; o Ascertain the reason for payments made by the Company and verify that this was all legitimate company expenditure (or was accounted for in the director’s loan account); o Ascertain whether any monies were due to or from HMRC in relation to any taxes; o Establish the full and true amounts due to or from Mr Singh or any other connected parties in relation to loans and particularly director loan accounts; o Verify that all assets have been disclosed and delivered up, and/or that any disposals prior to the liquidation were for full and fair value and the Company received the benefit of these; o Verify that all creditors have been disclosed and that the amount declared as due to each of them is accurate; o Whether the BBL received, was utilised for business expenses as per the terms of the scheme o Ascertain the reasons for the Company’s failure. • On 28 July 2023, the Liquidator wrote to Mr Singh and, inter alia letter reminded him of his statutory duty to cooperate and requested delivery up of IOT’s business records in his possession • The Liquidator repeated the foregoing request for the records via e-mail dated 31 July 2023 and 17 August 2023 

This information is correct as at 22 / 7 / 2025

If you believe this page contains any errors, please email legalservices@insolvency.gov.uk with details of the error that you have found.