The Resolution Professional of the Corporate Debtor, M/s. Right Engineers and Equipment India Private Limited, filed an application against the Respondents under section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking a declaration that the payment of Rs.49.83 Lacs constitutes preferential transactions violating Section 43 of IBC, reversal of advance repayment transactions made to Respondents, and return of Rs.49.83 Lacs paid by the Corporate Debtor.
The Resolution Professional filed an application seeking to declare certain payments as preferential transactions under Section 43 of the IBC.
The applicant, Addanki Haresh, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
The Adjudicating Authority ordered the Corporate Debtor to be liquidated and appointed the Applicant as the Liquidator.
Forensic audits identified potential preferential and fraudulent transactions.
The Committee of Creditors (CoC) discussed the draft Forensic Audit Report.
The respondents failed to provide valid documents to counter the Forensic Audit Report's findings.
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The Adjudicating Authority admitted the CP filed…
The Adjudicating…
The Resolution Professional of the Corporate Debtor, M/s. Right Engineers and Equipment India Private Limited, filed an application against the Respondents under section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking a declaration that the payment of Rs.49.83 Lacs constitutes preferential transactions violating Section 43 of IBC, reversal of advance repayment transactions made to Respondents, and return of Rs.49.83 Lacs paid by the Corporate Debtor.
The Resolution Professional filed an application seeking to declare certain payments as preferential transactions under Section 43 of the IBC.
The applicant, Addanki Haresh, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
The Adjudicating Authority ordered the Corporate Debtor to be liquidated and appointed the Applicant as the Liquidator.
Forensic audits identified potential preferential and fraudulent transactions.
The Committee of Creditors (CoC) discussed the draft Forensic Audit Report.
The respondents failed to provide valid documents to counter the Forensic Audit Report's findings.
…The Adjudicating Authority admitted the CP filed…
The Adjudicating…