The case involves appeals against orders passed by the National Company Law Tribunal (NCLT) in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Bhuvana Infra Projects Private Limited. The Resolution Professional (RP) filed an Interlocutory Application under Section 66 of the Insolvency and Bankruptcy Code (IBC), seeking to attach the personal assets of certain individuals allegedly responsible for defrauding creditors. The NCLT directed an investigation by the Serious Fraud Investigation Office (SFIO). The appellants challenged this order, arguing that the NCLT lacked the authority to directly order an SFIO investigation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Bhuvana Infra Projects Private Limited. The Resolution Professional (RP) filed an application alleging fraudulent transactions and diversion of funds by the company's promoters to group companies. The RP sought attachment of personal assets of Mr. Pratap Kunda, Mr. Sanjay Raj, and Mr. Srinivas to recover dues of Rs. 461,163,402. The RP claimed the Corporate Debtor had become a shell company with no business activity. The RP alleged promoters were not cooperating and had diverted assets to group companies. Audited financial statements revealed significant receivables from group companies, including M/s. Prisha Properties India Pvt. Ltd., M/s. Commune Properties Pvt. Ltd., and M/s. Golden Gate
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Application under…
NCLT passed a…
The case involves appeals against orders passed by the National Company Law Tribunal (NCLT) in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Bhuvana Infra Projects Private Limited. The Resolution Professional (RP) filed an Interlocutory Application under Section 66 of the Insolvency and Bankruptcy Code (IBC), seeking to attach the personal assets of certain individuals allegedly responsible for defrauding creditors. The NCLT directed an investigation by the Serious Fraud Investigation Office (SFIO). The appellants challenged this order, arguing that the NCLT lacked the authority to directly order an SFIO investigation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Bhuvana Infra Projects Private Limited. The Resolution Professional (RP) filed an application alleging fraudulent transactions and diversion of funds by the company's promoters to group companies. The RP sought attachment of personal assets of Mr. Pratap Kunda, Mr. Sanjay Raj, and Mr. Srinivas to recover dues of Rs. 461,163,402. The RP claimed the Corporate Debtor had become a shell company with no business activity. The RP alleged promoters were not cooperating and had diverted assets to group companies. Audited financial statements revealed significant receivables from group companies, including M/s. Prisha Properties India Pvt. Ltd., M/s. Commune Properties Pvt. Ltd., and M/s. Golden Gate
…Application under…
NCLT passed a…