The case involves a writ petition filed by Ankit Bhuwalka, the erstwhile director of Bhuwalka Steel Industries Limited (BSIL), challenging his declaration as a wilful defaulter by IDBI Bank Limited. The declaration was based on a Transaction Audit Report (TAR) prepared by G.D. Apte & Co. The petitioner's grievance is that he was not provided with the documents underlying the TAR and that the NCLT, Bengaluru Bench, had deemed the TAR to be based on surmises and conjectures. BSIL was subjected to Corporate Insolvency Resolution Process (CIRP) initiated by Indu Corporation Private Limited in 2018, and the petition was admitted by NCLT on April 8, 2019. During CIRP, G.D. Apte & Co. were appointed as auditors, and based on their findings in the TAR, the RP filed an
…In 2018, Indu Corporation Private Limited filed a Company Petition (IB) No. 228/BB/2018 against Bhuwalka Steel Industries Limited (BSIL) before the NCLT, Bengaluru Bench. The petition was admitted on April 8, 2019, under the Corporate Insolvency Resolution Process (CIRP). Mr. Shivadutta was confirmed as the Resolution Professional (RP). During CIRP, M/s. G.D. Apte & Co. were appointed as auditors to conduct a transaction audit/forensic audit of BSIL. Based on the Transaction Audit Report (TAR), the RP filed an application before the NCLT alleging fraudulent transactions in BSIL, including related party transactions with Shree Durga Trade Links Private Limited (SDTL). The NCLT, in an order dated March 10, 2021, observed that the forensic audit report/transaction
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Indu Corporation Private Limited filed Company…
NCLT admitt…
The case involves a writ petition filed by Ankit Bhuwalka, the erstwhile director of Bhuwalka Steel Industries Limited (BSIL), challenging his declaration as a wilful defaulter by IDBI Bank Limited. The declaration was based on a Transaction Audit Report (TAR) prepared by G.D. Apte & Co. The petitioner's grievance is that he was not provided with the documents underlying the TAR and that the NCLT, Bengaluru Bench, had deemed the TAR to be based on surmises and conjectures. BSIL was subjected to Corporate Insolvency Resolution Process (CIRP) initiated by Indu Corporation Private Limited in 2018, and the petition was admitted by NCLT on April 8, 2019. During CIRP, G.D. Apte & Co. were appointed as auditors, and based on their findings in the TAR, the RP filed an
…In 2018, Indu Corporation Private Limited filed a Company Petition (IB) No. 228/BB/2018 against Bhuwalka Steel Industries Limited (BSIL) before the NCLT, Bengaluru Bench. The petition was admitted on April 8, 2019, under the Corporate Insolvency Resolution Process (CIRP). Mr. Shivadutta was confirmed as the Resolution Professional (RP). During CIRP, M/s. G.D. Apte & Co. were appointed as auditors to conduct a transaction audit/forensic audit of BSIL. Based on the Transaction Audit Report (TAR), the RP filed an application before the NCLT alleging fraudulent transactions in BSIL, including related party transactions with Shree Durga Trade Links Private Limited (SDTL). The NCLT, in an order dated March 10, 2021, observed that the forensic audit report/transaction
…Indu Corporation Private Limited filed Company…
NCLT admitt…