The application was filed under Section 66 & 67 of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional, later pursued by the Liquidator of the Corporate Debtor, Pioneer Globex Pvt. Ltd, seeking orders against the respondents for fraudulent transactions.
The Corporate Debtor was admitted into CIRP under section 9 of the I&B Code, 2016 vide order dated 20.01.2020.
Liquidation was allowed by the Tribunal vide order dated 05.02.2021.
The transaction audit report dated 09.10.2020 pointed out numerous fraudulent transactions conducted by the suspended management.
The last audited balance sheets of the Corporate Debtor reflected Rs.5,70,000/- as cash-in-hand, but the suspended management did not hand over any cash or provide records of its utilization.
Substantial amounts were advanced to companies with a common director without any loan agreements or transaction details.
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The Corporate Debtor…
Liquidation was…
The application was filed under Section 66 & 67 of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional, later pursued by the Liquidator of the Corporate Debtor, Pioneer Globex Pvt. Ltd, seeking orders against the respondents for fraudulent transactions.
The Corporate Debtor was admitted into CIRP under section 9 of the I&B Code, 2016 vide order dated 20.01.2020.
Liquidation was allowed by the Tribunal vide order dated 05.02.2021.
The transaction audit report dated 09.10.2020 pointed out numerous fraudulent transactions conducted by the suspended management.
The last audited balance sheets of the Corporate Debtor reflected Rs.5,70,000/- as cash-in-hand, but the suspended management did not hand over any cash or provide records of its utilization.
Substantial amounts were advanced to companies with a common director without any loan agreements or transaction details.
…The Corporate Debtor…
Liquidation was…