The appeal was filed against an order dated 14.07.2022 by the National Company Law Tribunal, Kolkata Bench, which allowed an application under Section 66 of the Insolvency and Bankruptcy Code (IBC) and directed the appellant to deposit a sum of Rs. 1,00,700/- and Rs. 10,54,00,000/- jointly with other directors of the corporate debtor with 8% interest.
The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor (CD) commenced on 20.11.2019.
The appellant, Rana Sarkar, is a Director of the CD and filed the appeal against the order directing him to deposit funds.
The Resolution Professional (RP) appointed Neha B Agarwal and Company as transaction auditor to investigate doubtful transactions.
The RP found massive cash withdrawals aggregating to Rs. 10.54 Crores between financial years 2011-2012 to 2015-2016.
The CD's bank accounts revealed refunds to DAG Creative Media Pvt. Ltd., Gour Gopal Sarkar, and Snigdha Sarkar.
The appellant claimed he resigned from the company on 27.05.2016, but his resignation was not accepted due to his personal guarantee to institutional creditors.
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The case w…
Corporate Ins…
The appeal was filed against an order dated 14.07.2022 by the National Company Law Tribunal, Kolkata Bench, which allowed an application under Section 66 of the Insolvency and Bankruptcy Code (IBC) and directed the appellant to deposit a sum of Rs. 1,00,700/- and Rs. 10,54,00,000/- jointly with other directors of the corporate debtor with 8% interest.
The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor (CD) commenced on 20.11.2019.
The appellant, Rana Sarkar, is a Director of the CD and filed the appeal against the order directing him to deposit funds.
The Resolution Professional (RP) appointed Neha B Agarwal and Company as transaction auditor to investigate doubtful transactions.
The RP found massive cash withdrawals aggregating to Rs. 10.54 Crores between financial years 2011-2012 to 2015-2016.
The CD's bank accounts revealed refunds to DAG Creative Media Pvt. Ltd., Gour Gopal Sarkar, and Snigdha Sarkar.
The appellant claimed he resigned from the company on 27.05.2016, but his resignation was not accepted due to his personal guarantee to institutional creditors.
…The case w…
Corporate Ins…