The case involves a Company Appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order passed by the NCLT, Bengaluru, in Company Petition (IB) No. 320/BB/2019. The NCLT order allowed IA No. 482/2020, which was filed by the Resolution Professional (Respondent) invoking Section 43 of the I&B Code, contending that certain transactions were preferential and fraudulent. The appellants, who were the directors of the Corporate Debtor, were directed to restore certain amounts which were found to be preferential transactions. The appeal seeks exemption from filing a certified copy of the Impugned Order, which was granted by the appellate tribunal.
M/s. Right Engineers and Equipments India Private Limited (Corporate Debtor) availed financial assistance of Rs.14,80,00,000 from Co-operative Bank Limited on 17.10.2016. Appellants No. 1 and 2 were Directors, and Appellant No. 3 was the wife of Appellant No. 2. The loan was to facilitate the Corporate Debtor's business. The Corporate Debtor encumbered plant, machinery, furniture, and land as security. Due to a business slump, the Corporate Debtor defaulted on repayments. CIRP was initiated under Section 7 of the I&B Code, 2016. The Financial Creditor filed a claim of Rs.15,00,09,200. The Committee of Creditors (CoC) directed the Respondent (Resolution Professional) to examine transactions for preferential treatment under Section 43 of the I&B Code. A Forensic
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Co-operative Bank Limited extended financial…
Corporate Debtor availed additional financial…
The case involves a Company Appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order passed by the NCLT, Bengaluru, in Company Petition (IB) No. 320/BB/2019. The NCLT order allowed IA No. 482/2020, which was filed by the Resolution Professional (Respondent) invoking Section 43 of the I&B Code, contending that certain transactions were preferential and fraudulent. The appellants, who were the directors of the Corporate Debtor, were directed to restore certain amounts which were found to be preferential transactions. The appeal seeks exemption from filing a certified copy of the Impugned Order, which was granted by the appellate tribunal.
M/s. Right Engineers and Equipments India Private Limited (Corporate Debtor) availed financial assistance of Rs.14,80,00,000 from Co-operative Bank Limited on 17.10.2016. Appellants No. 1 and 2 were Directors, and Appellant No. 3 was the wife of Appellant No. 2. The loan was to facilitate the Corporate Debtor's business. The Corporate Debtor encumbered plant, machinery, furniture, and land as security. Due to a business slump, the Corporate Debtor defaulted on repayments. CIRP was initiated under Section 7 of the I&B Code, 2016. The Financial Creditor filed a claim of Rs.15,00,09,200. The Committee of Creditors (CoC) directed the Respondent (Resolution Professional) to examine transactions for preferential treatment under Section 43 of the I&B Code. A Forensic
…Co-operative Bank Limited extended financial…
Corporate Debtor availed additional financial…