This Company Appeal (AT) (Ins.) No. 425 of 2022 was filed by Rakesh Kumar Jain, the Resolution Professional of HBN Homes Colonizers Pvt. Ltd., against an order passed by the Adjudicating Authority in I.A. No. 2844/2020 in CP (IB) 1359/ND/2019. The Adjudicating Authority had issued directions under Section 66 of the Insolvency and Bankruptcy Code (IBC), holding Respondent Nos. 2 to 21, including suspended board of directors and related parties, liable for fraudulent trading and misappropriation of funds. The appellant challenged this order, arguing that it was passed during the moratorium period under Section 14 of the IBC, making it unsustainable.
Tricolite Electrical Industries Ltd. (Operational Creditor) filed Company Petition No.IB-82/PB/2018 to initiate insolvency resolution process. The petition was filed under Section 9 of IBC and was admitted by Judgment dated 24.07.2019. CP (IB) 1359/ND/2019 was filed by Financial Creditor against HBN Foods Ltd. Jagdish Singh Nain was appointed as resolution professional for completing insolvency resolution process of HBN Homes Colonizers Ltd. During the process of insolvency resolution, the Appellant herein and other respondents in the main petition 3 to 21 indulged in fraudulent trading and business. During Covid-19 lockdown, the appellant was served a copy of application of I.A. No. 2844/2020 filed under Section 66 of IBC. The Adjudicating Authority forfeited the
…Sign in to view the parties.
Tricolite Electrical Industries Ltd. filed…
The petition filed under…
This Company Appeal (AT) (Ins.) No. 425 of 2022 was filed by Rakesh Kumar Jain, the Resolution Professional of HBN Homes Colonizers Pvt. Ltd., against an order passed by the Adjudicating Authority in I.A. No. 2844/2020 in CP (IB) 1359/ND/2019. The Adjudicating Authority had issued directions under Section 66 of the Insolvency and Bankruptcy Code (IBC), holding Respondent Nos. 2 to 21, including suspended board of directors and related parties, liable for fraudulent trading and misappropriation of funds. The appellant challenged this order, arguing that it was passed during the moratorium period under Section 14 of the IBC, making it unsustainable.
Tricolite Electrical Industries Ltd. (Operational Creditor) filed Company Petition No.IB-82/PB/2018 to initiate insolvency resolution process. The petition was filed under Section 9 of IBC and was admitted by Judgment dated 24.07.2019. CP (IB) 1359/ND/2019 was filed by Financial Creditor against HBN Foods Ltd. Jagdish Singh Nain was appointed as resolution professional for completing insolvency resolution process of HBN Homes Colonizers Ltd. During the process of insolvency resolution, the Appellant herein and other respondents in the main petition 3 to 21 indulged in fraudulent trading and business. During Covid-19 lockdown, the appellant was served a copy of application of I.A. No. 2844/2020 filed under Section 66 of IBC. The Adjudicating Authority forfeited the
…Tricolite Electrical Industries Ltd. filed…
The petition filed under…