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 (RP) 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 classified as preferential transactions. The appeal was filed seeking 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 M/s. Sir. M. Vishveshwaraya Co-operative Bank Limited on 17.10.2016. The Corporate Debtor also availed additional financial assistance by way of term loan of Rs.10,40,00,000 and a secured cash credit of Rs.4,40,00,000 in October 2016. Due to a business slump, the Corporate Debtor defaulted on repayments, leading to CIRP proceedings initiated by the Financial Creditor under Section 7 of the I&B Code, 2016. The CIRP was admitted on 29.10.2019, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) directed the IRP to examine the Corporate Debtor's transactions for preferential transactions under
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Corporate Debtor availed financial…
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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 (RP) 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 classified as preferential transactions. The appeal was filed seeking 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 M/s. Sir. M. Vishveshwaraya Co-operative Bank Limited on 17.10.2016. The Corporate Debtor also availed additional financial assistance by way of term loan of Rs.10,40,00,000 and a secured cash credit of Rs.4,40,00,000 in October 2016. Due to a business slump, the Corporate Debtor defaulted on repayments, leading to CIRP proceedings initiated by the Financial Creditor under Section 7 of the I&B Code, 2016. The CIRP was admitted on 29.10.2019, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) directed the IRP to examine the Corporate Debtor's transactions for preferential transactions under
…Corporate Debtor availed financial…
Corporate Debtor availed additional…