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 the transfer of the Corporate Debtor's property to the Respondents, M/s Man Tubinox Ltd, during the moratorium period. The petition's admission was heard on 29.03.2019, reserved for orders, and subsequently pronounced on 12.06.2019, leading to the appointment of an Interim Resolution Professional (IRP). The RP's application highlights that the Corporate Debtor held lease rights over a significant area in Madhya Pradesh, obtained from Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN). A sub-lease deed was
…The Resolution Professional (RP) of Man Tubinox Ltd filed an application under Section 14(1)(b) r/w Section 66 of the IBC, 2016, seeking the reversal of a transaction. The Corporate Debtor, Man Tubinox Ltd, held lease rights over an area of 61629.44 sq. mtrs in Madhya Pradesh, obtained from MPAKVN, with the lease expiring on 21.06.2045. The Corporate Debtor entered into a Sub-Lease Deed dated 01.04.2019 with Maan Tubes Ltd, assigning 25,261.25 sq. mtrs of the leasehold right. The RP contended that this sub-lease was executed with mala fide intentions to deprive creditors of the asset. Maan Tubes Ltd is considered a 'related party' because one of its directors, Mr. Jagdish Ishwar Manik, is also a Director/Promoter of the Corporate Debtor. The original lease deed between
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Admission of the…
The Sub-lease was…
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 the transfer of the Corporate Debtor's property to the Respondents, M/s Man Tubinox Ltd, during the moratorium period. The petition's admission was heard on 29.03.2019, reserved for orders, and subsequently pronounced on 12.06.2019, leading to the appointment of an Interim Resolution Professional (IRP). The RP's application highlights that the Corporate Debtor held lease rights over a significant area in Madhya Pradesh, obtained from Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN). A sub-lease deed was
…The Resolution Professional (RP) of Man Tubinox Ltd filed an application under Section 14(1)(b) r/w Section 66 of the IBC, 2016, seeking the reversal of a transaction. The Corporate Debtor, Man Tubinox Ltd, held lease rights over an area of 61629.44 sq. mtrs in Madhya Pradesh, obtained from MPAKVN, with the lease expiring on 21.06.2045. The Corporate Debtor entered into a Sub-Lease Deed dated 01.04.2019 with Maan Tubes Ltd, assigning 25,261.25 sq. mtrs of the leasehold right. The RP contended that this sub-lease was executed with mala fide intentions to deprive creditors of the asset. Maan Tubes Ltd is considered a 'related party' because one of its directors, Mr. Jagdish Ishwar Manik, is also a Director/Promoter of the Corporate Debtor. The original lease deed between
…Admission of the…
The Sub-lease was…