The appeal challenges an order dated 07.01.2021 by the National Company Law Tribunal (NCLT), Mumbai, regarding IA No. 1266 of 2020 in CP (IB) No. 2556/MB/2019. The case originates from an application under Section 9 of the Insolvency & Bankruptcy Act, 2016, filed by Raksha Bullion, which led to the admission of Royal Refineries Private Limited (RRPL) into Corporate Insolvency Resolution Process (CIRP) on 13.11.2019. Nandkishore Deshpande was appointed as Interim Resolution Professional (IRP), later confirmed as RP. RRPL was involved in trading bullion, importing gold, processing it, and exporting it, along with local sales and purchases. In May 2019, the Department of Revenue Intelligence (DRI) searched RRPL and associated entities, finding that RRPL was a front
…Raksha Bullion initiated Corporate Insolvency Resolution Process (CIRP) against Royal Refineries Private Limited (RRPL) under Section 9 of the Insolvency & Bankruptcy Act, 2016. RRPL was admitted into CIRP on 13.11.2019. Nandkishore Deshpande was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). RRPL's business involved trading in bullion, importing gold, processing it, and exporting it, along with local sales and purchases. In May 2019, the Department of Revenue Intelligence (DRI) conducted searches on RRPL and associated entities. DRI's investigation revealed that RRPL was a front company managed by Manoj Kumar Babulal Punamiya, who arranged finances and recruited directors. These directors allegedly diverted
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Department of Revenue…
Royal Refineries Private Limited (RRPL) was…
The appeal challenges an order dated 07.01.2021 by the National Company Law Tribunal (NCLT), Mumbai, regarding IA No. 1266 of 2020 in CP (IB) No. 2556/MB/2019. The case originates from an application under Section 9 of the Insolvency & Bankruptcy Act, 2016, filed by Raksha Bullion, which led to the admission of Royal Refineries Private Limited (RRPL) into Corporate Insolvency Resolution Process (CIRP) on 13.11.2019. Nandkishore Deshpande was appointed as Interim Resolution Professional (IRP), later confirmed as RP. RRPL was involved in trading bullion, importing gold, processing it, and exporting it, along with local sales and purchases. In May 2019, the Department of Revenue Intelligence (DRI) searched RRPL and associated entities, finding that RRPL was a front
…Raksha Bullion initiated Corporate Insolvency Resolution Process (CIRP) against Royal Refineries Private Limited (RRPL) under Section 9 of the Insolvency & Bankruptcy Act, 2016. RRPL was admitted into CIRP on 13.11.2019. Nandkishore Deshpande was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). RRPL's business involved trading in bullion, importing gold, processing it, and exporting it, along with local sales and purchases. In May 2019, the Department of Revenue Intelligence (DRI) conducted searches on RRPL and associated entities. DRI's investigation revealed that RRPL was a front company managed by Manoj Kumar Babulal Punamiya, who arranged finances and recruited directors. These directors allegedly diverted
…Department of Revenue…
Royal Refineries Private Limited (RRPL) was…