The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench) in two related IAs. The Adjudicating Authority had directed the Appellants to jointly and severally pay certain amounts to the Corporate Debtor for indulging in fraudulent and undervalued transactions under Section 66 of the Insolvency and Bankruptcy Code (IBC). Additionally, the Adjudicating Authority rejected the Resolution Plan submitted by the Resolution Applicant under Section 29-A(g) of the IBC and ordered the liquidation of the Corporate Debtor.
Maa Durga Rice Products Pvt. Ltd. (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional appointed a Transaction Auditor (TA) who submitted a Transaction Audit Report (TAR). The TAR revealed four fraudulent transactions under Section 66 of IBC and seven undervalued transactions under Section 45 of IBC. The Resolution Professional filed IA No. 276/2020 against the Resolution Applicant and two other suspended Directors. The Adjudicating Authority found that the Resolution Applicant and other directors had indulged in fraudulent transactions, including diverting Rs. 13.45 crores to Maa Durga Thermal Power Company Ltd. (MDTPCL), a sister concern. The Adjudicating Authority also found an unusual write-off of inventory and
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Corporate Insolvency Resolution Process (CIRP)…
Transaction Auditor…
The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal, Cuttack Bench) in two related IAs. The Adjudicating Authority had directed the Appellants to jointly and severally pay certain amounts to the Corporate Debtor for indulging in fraudulent and undervalued transactions under Section 66 of the Insolvency and Bankruptcy Code (IBC). Additionally, the Adjudicating Authority rejected the Resolution Plan submitted by the Resolution Applicant under Section 29-A(g) of the IBC and ordered the liquidation of the Corporate Debtor.
Maa Durga Rice Products Pvt. Ltd. (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional appointed a Transaction Auditor (TA) who submitted a Transaction Audit Report (TAR). The TAR revealed four fraudulent transactions under Section 66 of IBC and seven undervalued transactions under Section 45 of IBC. The Resolution Professional filed IA No. 276/2020 against the Resolution Applicant and two other suspended Directors. The Adjudicating Authority found that the Resolution Applicant and other directors had indulged in fraudulent transactions, including diverting Rs. 13.45 crores to Maa Durga Thermal Power Company Ltd. (MDTPCL), a sister concern. The Adjudicating Authority also found an unusual write-off of inventory and
…Corporate Insolvency Resolution Process (CIRP)…
Transaction Auditor…