This appeal was filed by the Financial Creditors of the Corporate Debtor, challenging the order passed by the National Company Law Tribunal, Mumbai Bench-I, which disallowed the application of the Resolution Professional under Section 66 of the Insolvency and Bankruptcy Code, 2016, for refund of amount in respect of transactions entered into between the suspended management and Respondent No. 7 & 8.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Satra Properties (India) Ltd. on 03.08.2020.
A Forensic Audit Report dated 15.11.2021 by M/s BDO India LLP identified suspicious and fraudulent transactions involving the suspended management and third parties, including Respondents No. 7 and 8.
An advance of Rs. 29.35 Crore was paid by the Corporate Debtor to Respondent No. 7 between 10.08.2015 and 31.03.2016, purportedly for a property purchase, but was entirely written off on 31.03.2020.
The alleged Memorandum of Understanding ('MoU') dated 18.08.2015 is unenforceable and suspect, as it is printed on a Rs. 100 stamp paper, neither registered nor notarized, despite involving a property transaction valued at Rs. 75 Crore.
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Corporate Insolvency Resolution Process (CIRP)…
Forensic Audit Report by M/s BDO India LLP…
This appeal was filed by the Financial Creditors of the Corporate Debtor, challenging the order passed by the National Company Law Tribunal, Mumbai Bench-I, which disallowed the application of the Resolution Professional under Section 66 of the Insolvency and Bankruptcy Code, 2016, for refund of amount in respect of transactions entered into between the suspended management and Respondent No. 7 & 8.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Satra Properties (India) Ltd. on 03.08.2020.
A Forensic Audit Report dated 15.11.2021 by M/s BDO India LLP identified suspicious and fraudulent transactions involving the suspended management and third parties, including Respondents No. 7 and 8.
An advance of Rs. 29.35 Crore was paid by the Corporate Debtor to Respondent No. 7 between 10.08.2015 and 31.03.2016, purportedly for a property purchase, but was entirely written off on 31.03.2020.
The alleged Memorandum of Understanding ('MoU') dated 18.08.2015 is unenforceable and suspect, as it is printed on a Rs. 100 stamp paper, neither registered nor notarized, despite involving a property transaction valued at Rs. 75 Crore.
…Corporate Insolvency Resolution Process (CIRP)…
Forensic Audit Report by M/s BDO India LLP…