The case involves an application filed by the Resolution Professional (RP) seeking modification of an interim order issued by the Adjudicating Authority (AA) on 20.05.2020. The RP contends that the interim order inadvertently recognized banking transactions conducted by the erstwhile management on 18.04.2020, which the RP argues were illegitimate and devoid of authority due to the ongoing Corporate Insolvency Resolution Process (CIRP). The RP seeks to reverse these transactions and reinstate the funds.
The Resolution Professional (RP) filed an application seeking modification of an interim order dated 20.05.2020 issued by the Adjudicating Authority (AA). The RP argued that the interim order inadvertently granted legal recognition to banking transactions performed by the erstwhile management on 18.04.2020. These transactions involved the transfer of Rs. 32.50 lakhs from the Corporate Debtor's (CD) bank account and Rs. 3.29 lakhs spent on purchasing raw materials. The RP contended that these transactions were illegitimate because they occurred during the ongoing CIRP and without the RP's authorization. The RP further alleged that the suspended board of directors transferred Rs. 35.79 lakhs on 18.04.2020 through unauthorized internet banking to JSVM Plywood Industries
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The erstwhile management performed banking…
The Adjudicating…
The case involves an application filed by the Resolution Professional (RP) seeking modification of an interim order issued by the Adjudicating Authority (AA) on 20.05.2020. The RP contends that the interim order inadvertently recognized banking transactions conducted by the erstwhile management on 18.04.2020, which the RP argues were illegitimate and devoid of authority due to the ongoing Corporate Insolvency Resolution Process (CIRP). The RP seeks to reverse these transactions and reinstate the funds.
The Resolution Professional (RP) filed an application seeking modification of an interim order dated 20.05.2020 issued by the Adjudicating Authority (AA). The RP argued that the interim order inadvertently granted legal recognition to banking transactions performed by the erstwhile management on 18.04.2020. These transactions involved the transfer of Rs. 32.50 lakhs from the Corporate Debtor's (CD) bank account and Rs. 3.29 lakhs spent on purchasing raw materials. The RP contended that these transactions were illegitimate because they occurred during the ongoing CIRP and without the RP's authorization. The RP further alleged that the suspended board of directors transferred Rs. 35.79 lakhs on 18.04.2020 through unauthorized internet banking to JSVM Plywood Industries
…The erstwhile management performed banking…
The Adjudicating…