The appeal was filed against an order dated 2023-09-19, concerning I.A. (IBC) No. 617/JPR/2022, filed by the Resolution Professional of the Corporate Debtor (M/s Jeph Bev Pvt. Ltd.). The application was filed under Section 60(5) r/w Sections 68, 70, and 74 of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016. The NCLT allowed the application, directing the Respondent to reinstate the Corporate Debtor to its position at the time of CIRP initiation, including assets and bank balance as of 2022-09-16. The Resolution Professional sought directions to the suspended directors of the CD to reverse the diverted/withdrawn/transferred amount of Rs. 22,01,373 and deposit it in the bank account of the CD.
P.S. Metal Works, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code against Jeph Bev Pvt. Ltd. (Corporate Debtor). The application was admitted on 2022-09-16, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 2022-10-20. After the CIRP initiation, Rs. 22,01,373 was transferred from the Corporate Debtor's bank account between 2022-09-16 and 2022-09-22 without the IRP/RP's approval. The Resolution Professional filed an application seeking directions to reverse the transfer and deposit the amount back into the Corporate Debtor's account. The NCLT allowed the
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Application under Section 7 of the Code by P.S.…
Transfer of Rs. 22,01,373 from the Corporate…
The appeal was filed against an order dated 2023-09-19, concerning I.A. (IBC) No. 617/JPR/2022, filed by the Resolution Professional of the Corporate Debtor (M/s Jeph Bev Pvt. Ltd.). The application was filed under Section 60(5) r/w Sections 68, 70, and 74 of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016. The NCLT allowed the application, directing the Respondent to reinstate the Corporate Debtor to its position at the time of CIRP initiation, including assets and bank balance as of 2022-09-16. The Resolution Professional sought directions to the suspended directors of the CD to reverse the diverted/withdrawn/transferred amount of Rs. 22,01,373 and deposit it in the bank account of the CD.
P.S. Metal Works, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code against Jeph Bev Pvt. Ltd. (Corporate Debtor). The application was admitted on 2022-09-16, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 2022-10-20. After the CIRP initiation, Rs. 22,01,373 was transferred from the Corporate Debtor's bank account between 2022-09-16 and 2022-09-22 without the IRP/RP's approval. The Resolution Professional filed an application seeking directions to reverse the transfer and deposit the amount back into the Corporate Debtor's account. The NCLT allowed the
…Application under Section 7 of the Code by P.S.…
Transfer of Rs. 22,01,373 from the Corporate…