The appeal was filed by the Resolution Professional against an order of the Adjudicating Authority (NCLT, Cuttack Bench) which dismissed an application seeking avoidance of preferential and fraudulent transactions under Sections 43 and 66 of the IBC. The Resolution Professional alleged that the suspended directors of the Corporate Debtor had engaged in such transactions.
Tayal Foods Ltd/Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on October 3, 2019. The Appellant, Jagdish Kumar Parulkar, was initially appointed as Interim Resolution Professional and later confirmed as Resolution Professional on December 20, 2019, with the approval of the Committee of Creditors. During the CIRP, the Resolution Professional sought documents and information from the suspended management, which were allegedly not provided.
…Tayal Foods Ltd/Corporate Debtor was…
Resolution Professional filed an application…
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The appeal was filed by the Resolution Professional against an order of the Adjudicating Authority (NCLT, Cuttack Bench) which dismissed an application seeking avoidance of preferential and fraudulent transactions under Sections 43 and 66 of the IBC. The Resolution Professional alleged that the suspended directors of the Corporate Debtor had engaged in such transactions.
Tayal Foods Ltd/Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on October 3, 2019. The Appellant, Jagdish Kumar Parulkar, was initially appointed as Interim Resolution Professional and later confirmed as Resolution Professional on December 20, 2019, with the approval of the Committee of Creditors. During the CIRP, the Resolution Professional sought documents and information from the suspended management, which were allegedly not provided.
…Tayal Foods Ltd/Corporate Debtor was…
Resolution Professional filed an application…
Sign in to view related legal provisions.