Appellants, Atul Babulal Prajapati and Pinal Prajapati, promoters and suspended directors of WSH Pvt. Ltd. (Corporate Debtor), challenged an NCLT order dated 01.10.2024. This order directed them, along with Zen Agrifoods LLP, to pay Rs. 2,00,50,000/-, declaring a transaction as preferential. The transaction involved offsetting receivables of the Corporate Debtor from Wholesale Hub LLP against payables to Atul Babulal Prajapati's proprietorship firm, without routing funds through the Corporate Debtor's bank account. CIRP against WSH Pvt. Ltd. commenced on 01.02.2021. A forensic auditor was appointed on 17.04.2021, and based on their report, the Resolution Professional (Suhas Dinkar Bhattbhatt) filed an application (I.A. No. 556 of 2021) to avoid preferential,
…Appellants Atul Babulal Prajapati and Pinal Prajapati are promoters and suspended directors of WSH Pvt. Ltd., the Corporate Debtor.
Atul Babulal Prajapati operates a proprietorship firm and controls Wholesale Hub LLP.
CIRP against WSH Pvt. Ltd. commenced on 01.02.2021.
The RP (Suhas Dinkar Bhattbhatt) appointed a forensic auditor, who identified an offsetting transaction of Rs. 2,00,50,000/-.
This transaction involved WSH Pvt. Ltd. (CD) offsetting receivables from Wholesale Hub LLP against payables to Atul Babulal Prajapati's proprietorship firm.
The transaction was executed on 30.06.2019, without routing funds through the Corporate Debtor's bank account or corporate authorization.
Appellants admitted the diversion was to "avoid unnecessary/multiple banking transactions."
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Forensic Auditor appointed to audit…
The square-off/offsetting transaction of Rs.…
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Appellants, Atul Babulal Prajapati and Pinal Prajapati, promoters and suspended directors of WSH Pvt. Ltd. (Corporate Debtor), challenged an NCLT order dated 01.10.2024. This order directed them, along with Zen Agrifoods LLP, to pay Rs. 2,00,50,000/-, declaring a transaction as preferential. The transaction involved offsetting receivables of the Corporate Debtor from Wholesale Hub LLP against payables to Atul Babulal Prajapati's proprietorship firm, without routing funds through the Corporate Debtor's bank account. CIRP against WSH Pvt. Ltd. commenced on 01.02.2021. A forensic auditor was appointed on 17.04.2021, and based on their report, the Resolution Professional (Suhas Dinkar Bhattbhatt) filed an application (I.A. No. 556 of 2021) to avoid preferential,
…Appellants Atul Babulal Prajapati and Pinal Prajapati are promoters and suspended directors of WSH Pvt. Ltd., the Corporate Debtor.
Atul Babulal Prajapati operates a proprietorship firm and controls Wholesale Hub LLP.
CIRP against WSH Pvt. Ltd. commenced on 01.02.2021.
The RP (Suhas Dinkar Bhattbhatt) appointed a forensic auditor, who identified an offsetting transaction of Rs. 2,00,50,000/-.
This transaction involved WSH Pvt. Ltd. (CD) offsetting receivables from Wholesale Hub LLP against payables to Atul Babulal Prajapati's proprietorship firm.
The transaction was executed on 30.06.2019, without routing funds through the Corporate Debtor's bank account or corporate authorization.
Appellants admitted the diversion was to "avoid unnecessary/multiple banking transactions."
…Forensic Auditor appointed to audit…
The square-off/offsetting transaction of Rs.…
Sign in to view related legal provisions.