The case involves an application filed by the Resolution Professional under Sections 66, 68, 69, and 70 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks to declare certain transactions entered into by the Corporate Debtor, HBN Foods Limited, with various Non-Applicants/Respondents as sham and fraudulent, and to direct these parties to contribute to the assets of the Corporate Debtor. The Resolution Professional initiated a transaction audit after observing suspicious transactions during the financial years 2013-14 to 2018-19, indicating an intent to defraud creditors and siphon off funds. The audit revealed that substantial amounts were transferred to related parties, and
…HBN Foods Limited, the Corporate Debtor, underwent Corporate Insolvency Resolution Process (CIRP) initiated on October 21, 2019. The Resolution Professional observed suspicious transactions between FY 2013-14 and 2018-19, leading to the appointment of M/s. Gaurav J & Co. for a transaction audit. The audit revealed that Rs. 1527.82 Lakhs were transferred to related parties during FY 2013-14 to 2018-19. Respondent Nos. 1 to 20 were identified as related parties, including associate/subsidiary companies of the HBN group, ex-directors, and family members. The Corporate Debtor collected Rs. 36.73 Crores from the public through a collective investment scheme dated August 1, 2013, deviating from its main objective of manufacturing food products and beverages. Out of this
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HBN Foods Limited was…
The Company was…
The case involves an application filed by the Resolution Professional under Sections 66, 68, 69, and 70 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks to declare certain transactions entered into by the Corporate Debtor, HBN Foods Limited, with various Non-Applicants/Respondents as sham and fraudulent, and to direct these parties to contribute to the assets of the Corporate Debtor. The Resolution Professional initiated a transaction audit after observing suspicious transactions during the financial years 2013-14 to 2018-19, indicating an intent to defraud creditors and siphon off funds. The audit revealed that substantial amounts were transferred to related parties, and
…HBN Foods Limited, the Corporate Debtor, underwent Corporate Insolvency Resolution Process (CIRP) initiated on October 21, 2019. The Resolution Professional observed suspicious transactions between FY 2013-14 and 2018-19, leading to the appointment of M/s. Gaurav J & Co. for a transaction audit. The audit revealed that Rs. 1527.82 Lakhs were transferred to related parties during FY 2013-14 to 2018-19. Respondent Nos. 1 to 20 were identified as related parties, including associate/subsidiary companies of the HBN group, ex-directors, and family members. The Corporate Debtor collected Rs. 36.73 Crores from the public through a collective investment scheme dated August 1, 2013, deviating from its main objective of manufacturing food products and beverages. Out of this
…HBN Foods Limited was…
The Company was…