The case involves an application filed by the Resolution Professional (RP) of Man Tubinox Ltd under Section 14(1)(b) r/w Section 66 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the reversal of a transaction deemed illegal. The transaction involved handing over the property of the Corporate Debtor, Man Tubinox Ltd, to respondents during the moratorium period. The petition's admission was heard on 29.03.2019 and reserved for orders, which were pronounced on 12.06.2019, and an Interim Resolution Professional (IRP) was appointed on the same date. The Corporate Debtor held lease rights over an area in Madhya Pradesh, obtained from Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN). A sub-lease deed was executed with Maan Tubes Ltd on 01.04.2019, assigning a
…Man Tubinox Ltd faced corporate insolvency proceedings. The Resolution Professional (RP) filed an application under Section 14(1)(b) r/w Section 66 of the IBC, 2016, seeking the reversal of a transaction. The transaction involved the Corporate Debtor handing over property to respondents during the moratorium period. The petition was heard on 29.03.2019 and reserved for orders, with the order pronounced on 12.06.2019, and an Interim Resolution Professional (IRP) appointed. Man Tubinox Ltd held lease rights over land in Madhya Pradesh, obtained from MPAKVN, with the lease expiring on 21.06.2045. A sub-lease deed was executed on 01.04.2019 with Maan Tubes Ltd, assigning a portion of the leasehold. The RP argued this was a mala fide attempt to deprive creditors of assets.
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The case involves an application filed by the Resolution Professional (RP) of Man Tubinox Ltd under Section 14(1)(b) r/w Section 66 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the reversal of a transaction deemed illegal. The transaction involved handing over the property of the Corporate Debtor, Man Tubinox Ltd, to respondents during the moratorium period. The petition's admission was heard on 29.03.2019 and reserved for orders, which were pronounced on 12.06.2019, and an Interim Resolution Professional (IRP) was appointed on the same date. The Corporate Debtor held lease rights over an area in Madhya Pradesh, obtained from Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN). A sub-lease deed was executed with Maan Tubes Ltd on 01.04.2019, assigning a
…Man Tubinox Ltd faced corporate insolvency proceedings. The Resolution Professional (RP) filed an application under Section 14(1)(b) r/w Section 66 of the IBC, 2016, seeking the reversal of a transaction. The transaction involved the Corporate Debtor handing over property to respondents during the moratorium period. The petition was heard on 29.03.2019 and reserved for orders, with the order pronounced on 12.06.2019, and an Interim Resolution Professional (IRP) appointed. Man Tubinox Ltd held lease rights over land in Madhya Pradesh, obtained from MPAKVN, with the lease expiring on 21.06.2045. A sub-lease deed was executed on 01.04.2019 with Maan Tubes Ltd, assigning a portion of the leasehold. The RP argued this was a mala fide attempt to deprive creditors of assets.
…Admission of the…
Corporate Debtor…