The Resolution Professional filed an application under Section 43(1) and 44 of the Insolvency and Bankruptcy Code, 2016, seeking a declaration that a transfer of INR 47,26,000 by the Corporate Debtor, GRL Tires Private Limited, to Respondent No. 1, Sunita Poddar, in FY 2018-2019 was a preferential transaction. The RP also sought a direction for the Respondents to jointly or severally pay the said amount to the Resolution Professional/Liquidator of the Corporate Debtor, along with interest at 18% from the date of receipt of the amount by Respondent No. 1 until actual payment or realization. The CIRP against the Corporate Debtor commenced on 20.12.2019, pursuant to an application filed by Park Chambers Limited under Section 7 of the Code. The Applicant was appointed as
…The Corporate Insolvency Resolution Process (CIRP) was initiated against GRL Tires Private Limited on 20.12.2019, based on an application filed by Park Chambers Limited. Pankaj Sham Joshi was appointed as the Resolution Professional (RP). The RP filed an application claiming that a payment of Rs. 47,26,000/- made by GRL Tires Private Limited to Sunita Poddar (Respondent No. 1) during the financial year 2018-2019 constituted a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code (IBC). Sunita Poddar is the wife of Vinod Mahabiprasad Poddar (Respondent No. 2), who is a director of GRL Tires Private Limited. The RP argued that this payment put Sunita Poddar in a beneficial position compared to other creditors. The RP also stated that there was
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Corporate Insolvency Resolution Process…
The Resolution Professional filed an…
The Resolution Professional filed an application under Section 43(1) and 44 of the Insolvency and Bankruptcy Code, 2016, seeking a declaration that a transfer of INR 47,26,000 by the Corporate Debtor, GRL Tires Private Limited, to Respondent No. 1, Sunita Poddar, in FY 2018-2019 was a preferential transaction. The RP also sought a direction for the Respondents to jointly or severally pay the said amount to the Resolution Professional/Liquidator of the Corporate Debtor, along with interest at 18% from the date of receipt of the amount by Respondent No. 1 until actual payment or realization. The CIRP against the Corporate Debtor commenced on 20.12.2019, pursuant to an application filed by Park Chambers Limited under Section 7 of the Code. The Applicant was appointed as
…The Corporate Insolvency Resolution Process (CIRP) was initiated against GRL Tires Private Limited on 20.12.2019, based on an application filed by Park Chambers Limited. Pankaj Sham Joshi was appointed as the Resolution Professional (RP). The RP filed an application claiming that a payment of Rs. 47,26,000/- made by GRL Tires Private Limited to Sunita Poddar (Respondent No. 1) during the financial year 2018-2019 constituted a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code (IBC). Sunita Poddar is the wife of Vinod Mahabiprasad Poddar (Respondent No. 2), who is a director of GRL Tires Private Limited. The RP argued that this payment put Sunita Poddar in a beneficial position compared to other creditors. The RP also stated that there was
…Corporate Insolvency Resolution Process…
The Resolution Professional filed an…