The case involves an application (I.A No.446 of 2018) filed by the Resolution Professional (RP) of Bhuvana Infra Projects Private Limited, seeking to attach the personal assets of Mr. Pratap Kunda and other respondents under Section 66 of the Insolvency and Bankruptcy Code (IBC), alleging fraudulent transactions and diversion of funds. The RP's application is based on a forensic audit report that revealed several irregularities in the company's business, including fraudulent trading, asset stripping, and financial irregularities. The respondents opposed the application, questioning the validity and findings of the forensic audit report. The Corporate Debtor, Bhuvana Infra Projects, was incorporated in 2011 and acted as a sub-contracting arm for its group companies,
…Bhuvana Infra Projects Private Limited (BIPPL) was incorporated in 2011 and functioned as a sub-contracting arm for its group companies, including Golden Gate Properties Ltd. (GGPL), Prisha Properties India Pvt. Ltd. (PPIL), and Commune Properties Pvt. Ltd. (CPIL). The Resolution Professional (RP) initiated Corporate Insolvency Resolution Process (CIRP) against BIPPL and subsequently filed an application (I.A No.446 of 2018) seeking to attach the personal assets of Mr. Pratap Kunda and other respondents, alleging fraudulent transactions and diversion of funds. The RP's application was primarily based on a forensic audit report conducted by BDO India, which revealed several financial irregularities, including cash deposits and withdrawals, suspicious purchases, parking
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Bhuvana Infra…
The Committee of Creditors (CoC) in its…
The case involves an application (I.A No.446 of 2018) filed by the Resolution Professional (RP) of Bhuvana Infra Projects Private Limited, seeking to attach the personal assets of Mr. Pratap Kunda and other respondents under Section 66 of the Insolvency and Bankruptcy Code (IBC), alleging fraudulent transactions and diversion of funds. The RP's application is based on a forensic audit report that revealed several irregularities in the company's business, including fraudulent trading, asset stripping, and financial irregularities. The respondents opposed the application, questioning the validity and findings of the forensic audit report. The Corporate Debtor, Bhuvana Infra Projects, was incorporated in 2011 and acted as a sub-contracting arm for its group companies,
…Bhuvana Infra Projects Private Limited (BIPPL) was incorporated in 2011 and functioned as a sub-contracting arm for its group companies, including Golden Gate Properties Ltd. (GGPL), Prisha Properties India Pvt. Ltd. (PPIL), and Commune Properties Pvt. Ltd. (CPIL). The Resolution Professional (RP) initiated Corporate Insolvency Resolution Process (CIRP) against BIPPL and subsequently filed an application (I.A No.446 of 2018) seeking to attach the personal assets of Mr. Pratap Kunda and other respondents, alleging fraudulent transactions and diversion of funds. The RP's application was primarily based on a forensic audit report conducted by BDO India, which revealed several financial irregularities, including cash deposits and withdrawals, suspicious purchases, parking
…Bhuvana Infra…
The Committee of Creditors (CoC) in its…