The Union of India filed appeals against orders passed by the Adjudicating Authority, Principal Bench, New Delhi, in two applications filed by the Resolution Professional (now Liquidator). These applications concerned investigations into the affairs of Luxury Train Pvt. Ltd. and Zynke Exports Pvt. Ltd., both Corporate Debtors. The Adjudicating Authority directed the Serious Fraud Investigation Office (SFIO) to investigate the siphoning of funds, which was noticed by the Adjudicating Authority in its earlier orders.
The Union of India, through the Serious Fraud Investigation Office (SFIO), appealed against orders passed by the Adjudicating Authority concerning Luxury Train Pvt. Ltd. and Zynke Exports Pvt. Ltd. The Adjudicating Authority had directed the SFIO to investigate the siphoning of funds from these companies. The Resolution Professional (now Liquidator) initiated the investigation. The Union of India contended that the Adjudicating Authority lacked the jurisdiction to direct such an investigation, as this power rests with the Central Government under Section 212 of the Companies Act, 2013. The Liquidator argued that the corporate insolvency resolution process had not fully disclosed all details and assets, potentially violating Section 70 of the I&B Code. The appeals
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The Adjudicating Authority passed orders in…
The Adjudicating Authority passed orders in…
The Union of India filed appeals against orders passed by the Adjudicating Authority, Principal Bench, New Delhi, in two applications filed by the Resolution Professional (now Liquidator). These applications concerned investigations into the affairs of Luxury Train Pvt. Ltd. and Zynke Exports Pvt. Ltd., both Corporate Debtors. The Adjudicating Authority directed the Serious Fraud Investigation Office (SFIO) to investigate the siphoning of funds, which was noticed by the Adjudicating Authority in its earlier orders.
The Union of India, through the Serious Fraud Investigation Office (SFIO), appealed against orders passed by the Adjudicating Authority concerning Luxury Train Pvt. Ltd. and Zynke Exports Pvt. Ltd. The Adjudicating Authority had directed the SFIO to investigate the siphoning of funds from these companies. The Resolution Professional (now Liquidator) initiated the investigation. The Union of India contended that the Adjudicating Authority lacked the jurisdiction to direct such an investigation, as this power rests with the Central Government under Section 212 of the Companies Act, 2013. The Liquidator argued that the corporate insolvency resolution process had not fully disclosed all details and assets, potentially violating Section 70 of the I&B Code. The appeals
…The Adjudicating Authority passed orders in…
The Adjudicating Authority passed orders in…