An application (IA No. 633 (AHM) 2023) was filed under Sections 43, 44, 49, and 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Liquidator of M/s. Nagaur Water Supply Company Pvt. Ltd. to seek avoidance of alleged preferential and fraudulent transactions. The Corporate Debtor was admitted into CIRP on 17.08.2021. The application was based on a Transaction Audit Report (TAR) which identified several transactions as potentially preferential or defrauding creditors. These included loans/advances to related parties (Pacific Pipe Systems Pvt. Ltd., Pacific Composites Pvt. Ltd., Doshion Water Solution Pvt. Ltd.), salary payments to suspended directors (Rakshit Dhirajlal Doshi and Amit Doshi), and an alleged sale of plant and machinery to Fivebro
…An Interlocutory Application (IA No. 633 (AHM) 2023) was filed under Sections 43, 44, 49, and 60(5)(c) of the IBC, 2016, seeking avoidance of preferential and defrauding transactions.
The application was initially filed by Mr. Parag Sheth, Resolution Professional of M/s. Nagaur Water Supply Company Pvt. Ltd.
Mr. Rajendra Sanghi was substituted as Applicant/Liquidator in place of the erstwhile Resolution Professional on 08.04.2024, with consequential amendment carried out on 17.07.2024.
Respondent Nos.1 (Rakshit Dhirajlal Doshi) and 2 (Amit Doshi) were Directors of the Corporate Debtor during the relevant period.
Respondent Nos.3 to 6 are stated to be related parties.
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Application under section 7 was filed by…
The Section 7 application, CP (IB) No. 5 of…
An application (IA No. 633 (AHM) 2023) was filed under Sections 43, 44, 49, and 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Liquidator of M/s. Nagaur Water Supply Company Pvt. Ltd. to seek avoidance of alleged preferential and fraudulent transactions. The Corporate Debtor was admitted into CIRP on 17.08.2021. The application was based on a Transaction Audit Report (TAR) which identified several transactions as potentially preferential or defrauding creditors. These included loans/advances to related parties (Pacific Pipe Systems Pvt. Ltd., Pacific Composites Pvt. Ltd., Doshion Water Solution Pvt. Ltd.), salary payments to suspended directors (Rakshit Dhirajlal Doshi and Amit Doshi), and an alleged sale of plant and machinery to Fivebro
…An Interlocutory Application (IA No. 633 (AHM) 2023) was filed under Sections 43, 44, 49, and 60(5)(c) of the IBC, 2016, seeking avoidance of preferential and defrauding transactions.
The application was initially filed by Mr. Parag Sheth, Resolution Professional of M/s. Nagaur Water Supply Company Pvt. Ltd.
Mr. Rajendra Sanghi was substituted as Applicant/Liquidator in place of the erstwhile Resolution Professional on 08.04.2024, with consequential amendment carried out on 17.07.2024.
Respondent Nos.1 (Rakshit Dhirajlal Doshi) and 2 (Amit Doshi) were Directors of the Corporate Debtor during the relevant period.
Respondent Nos.3 to 6 are stated to be related parties.
…Application under section 7 was filed by…
The Section 7 application, CP (IB) No. 5 of…