The petitioners, promoters, suspended directors, and shareholders of Syntex Industries Limited, challenged the decision of respondent banks to declare the company's account as fraud in a Joint Lenders Meeting held on 29.09.2020. The company is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The declaration of fraud was based on forensic audit reports, which the petitioners claim were not adequately shared with them, violating principles of natural justice. The petitioners initially filed writ petitions in the Delhi High Court, which were later withdrawn.
The petitioners are promoters, suspended directors, and shareholders of M/s Syntex Industries Limited. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an order dated 06.04.2021. On 29.09.2020, respondent banks declared the company's account as fraud based on forensic audit reports dated 11.08.2020 and 18.09.2020, citing reasons such as breach of trust, misfeasance, embezzlement, misappropriation of funds, and siphoning off funds. The petitioners claim they were not adequately provided with the forensic audit reports before the declaration of fraud. The Punjab National Bank communicated to the stock exchange on 30.09.2020 that a fraud of Rs.1203.26 crores was reported to the Reserve Bank of India. The petitioners had
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The petitioners, promoters, suspended directors, and shareholders of Syntex Industries Limited, challenged the decision of respondent banks to declare the company's account as fraud in a Joint Lenders Meeting held on 29.09.2020. The company is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The declaration of fraud was based on forensic audit reports, which the petitioners claim were not adequately shared with them, violating principles of natural justice. The petitioners initially filed writ petitions in the Delhi High Court, which were later withdrawn.
The petitioners are promoters, suspended directors, and shareholders of M/s Syntex Industries Limited. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an order dated 06.04.2021. On 29.09.2020, respondent banks declared the company's account as fraud based on forensic audit reports dated 11.08.2020 and 18.09.2020, citing reasons such as breach of trust, misfeasance, embezzlement, misappropriation of funds, and siphoning off funds. The petitioners claim they were not adequately provided with the forensic audit reports before the declaration of fraud. The Punjab National Bank communicated to the stock exchange on 30.09.2020 that a fraud of Rs.1203.26 crores was reported to the Reserve Bank of India. The petitioners had
…Respondent banks…
The petitioner no.1…
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