The case involves an appeal against an order dated 10th January 2019, passed by the NCLT, Allahabad Bench, in I.A. No. 150/2018 in CP No. (IB) 70/ALD/2017. The Bank of Baroda initiated a Corporate Insolvency Resolution Process (CIRP) against Rotomac Global Private Limited (Corporate Debtor). After the CIRP concluded without a viable resolution plan, the Adjudicating Authority ordered the liquidation of the Corporate Debtor. The Directorate of Enforcement (DoE) initiated an investigation for offences under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, based on information from the CBI. The DoE passed a Provisional Attachment Order attaching the properties of the Corporate Debtor and its Directors. The Liquidator filed an application seeking direction
…The Bank of Baroda initiated Corporate Insolvency Resolution Process (CIRP) against Rotomac Global Private Limited, the Corporate Debtor. The CIRP failed to produce a viable resolution plan, leading to a liquidation order by the Adjudicating Authority. The Directorate of Enforcement (DoE) initiated an investigation under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, based on information from the CBI dated 18th February, 2018, alleging offences under Section 420, 467, 471, 468 & 120-B IPC and Section 13(2) r/w 13(1)(d) of the Prevention and Corruption Act. The investigation revealed that accused persons misappropriated/diverted bank funds, committed criminal breach of trust, and laundered the diverted money. The DoE passed a Provisional
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CP No. (IB) 70/…
CBI provided information…
The case involves an appeal against an order dated 10th January 2019, passed by the NCLT, Allahabad Bench, in I.A. No. 150/2018 in CP No. (IB) 70/ALD/2017. The Bank of Baroda initiated a Corporate Insolvency Resolution Process (CIRP) against Rotomac Global Private Limited (Corporate Debtor). After the CIRP concluded without a viable resolution plan, the Adjudicating Authority ordered the liquidation of the Corporate Debtor. The Directorate of Enforcement (DoE) initiated an investigation for offences under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, based on information from the CBI. The DoE passed a Provisional Attachment Order attaching the properties of the Corporate Debtor and its Directors. The Liquidator filed an application seeking direction
…The Bank of Baroda initiated Corporate Insolvency Resolution Process (CIRP) against Rotomac Global Private Limited, the Corporate Debtor. The CIRP failed to produce a viable resolution plan, leading to a liquidation order by the Adjudicating Authority. The Directorate of Enforcement (DoE) initiated an investigation under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, based on information from the CBI dated 18th February, 2018, alleging offences under Section 420, 467, 471, 468 & 120-B IPC and Section 13(2) r/w 13(1)(d) of the Prevention and Corruption Act. The investigation revealed that accused persons misappropriated/diverted bank funds, committed criminal breach of trust, and laundered the diverted money. The DoE passed a Provisional
…CP No. (IB) 70/…
CBI provided information…