The case involves an application filed by the Interim Resolution Professional (IRP) seeking directions under Section 65 read with Section 77 of the Insolvency and Bankruptcy Code (IBC), 2016. The IRP alleges that the Corporate Debtor (CD), Alpfly Private Limited, filed its petition under Section 10 of the IBC based on fraud and non-disclosure of material particulars. The IRP highlights several instances of alleged fraudulent activities, including non-disclosure of complete bank account details, related party transactions, information pertaining to locked office premises, incorrect statements regarding GST refunds, and ongoing criminal complaints against the CD and its directors. The CD initiated Corporate Insolvency Resolution Process (CIRP) under fast track insolvency.
Alpfly Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP) filed an application alleging fraud and non-disclosure of material facts by the Corporate Debtor (CD). The IRP pointed out that the CD had not disclosed all its bank accounts, including an account with Axis Bank that had been dormant since March 2017. The IRP also highlighted related party transactions between the CD and Alpha Soft Technologies Pvt Ltd (ASTPL), a company with the same directors as the CD. These transactions were not disclosed in the auditor's report or financial statements. The IRP further alleged that the CD had made incorrect statements regarding GST refunds and
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Board of Directors of Alpfly Private Limited…
The petition w…
The case involves an application filed by the Interim Resolution Professional (IRP) seeking directions under Section 65 read with Section 77 of the Insolvency and Bankruptcy Code (IBC), 2016. The IRP alleges that the Corporate Debtor (CD), Alpfly Private Limited, filed its petition under Section 10 of the IBC based on fraud and non-disclosure of material particulars. The IRP highlights several instances of alleged fraudulent activities, including non-disclosure of complete bank account details, related party transactions, information pertaining to locked office premises, incorrect statements regarding GST refunds, and ongoing criminal complaints against the CD and its directors. The CD initiated Corporate Insolvency Resolution Process (CIRP) under fast track insolvency.
Alpfly Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP) filed an application alleging fraud and non-disclosure of material facts by the Corporate Debtor (CD). The IRP pointed out that the CD had not disclosed all its bank accounts, including an account with Axis Bank that had been dormant since March 2017. The IRP also highlighted related party transactions between the CD and Alpha Soft Technologies Pvt Ltd (ASTPL), a company with the same directors as the CD. These transactions were not disclosed in the auditor's report or financial statements. The IRP further alleged that the CD had made incorrect statements regarding GST refunds and
…Board of Directors of Alpfly Private Limited…
The petition w…