# In the matter of Bhuvana Infra Projects Private Limited I.A. No. 446 of 2018 in CP (IB) No. 122-BB-2017

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03879. The case involves an application (I.A No.446 of 2018) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03879
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhuvana-infra-projects-private-limited-ia-no-446-of-2018-in-cp-ib-no-122-bb-2017-13696841

## Summary

### Background

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,

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## Facts

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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## Issues and analysis

### Issue 1: Whether the instant application petition is maintainable U/s 66R/w Section 25(2), 69,70 I&B …

**Ratio:** The maintainability of the application under Section 66 of the IBC hinges on whether

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**Reasoning:** The NCLT noted that the RP had filed the application based on the forensic audit report,

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**Interpretation:** Section 66 of the IBC allows the Adjudicating Authority to direct contributions

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**Application:** The NCLT concluded that it was necessary to conduct a further investigation by

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** RamanathanBhuvanes…
- **Respondents:** M/s.Bhuvana Infra…; Mr.Pratap…

## Timeline

- **2011-01-01 — Incorporation of…**: Bhuvana Infra Projects…
- **2018-10-06 — CoC Meet…**: The Committee of Creditors (CoC) in its meeting took a decision, authorizing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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