The case involves an application (MA/490/2019) in CP/540/IB/2018. The Resolution Professional's counsel submitted that the applicant's net worth statement was not based on audited financial statements for the last three years. The applicant claimed to have property worth Rs. 15 Crores and wanted to present it to the Resolution Professional to satisfy the 'Expression of Interest' criteria. The Resolution Professional's counsel stated that the applicant was given ample opportunities but failed to support the net worth statement with documentary proof, leading to the return of the applicant's DD of Rs. 10 lakhs.
The applicant, M. Gagan Bothra, filed an application (MA/490/2019) in CP/540/IB/2018. The Resolution Professional's counsel argued that the net worth statement submitted by the applicant was not based on audited financial statements for the past three years. The applicant claimed to possess property worth Rs. 15 Crores, as per market value, and intended to present this information to the Resolution Professional to meet the 'Expression of Interest' criteria. The Resolution Professional's counsel stated that the applicant was given ample opportunities to provide documentary proof for their net worth statement, but failed to do so. Consequently, the Demand Draft (DD) of Rs. 10 lakhs submitted by the applicant was returned. The applicant's inability to provide audited
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The case involves an application (MA/490/2019) in CP/540/IB/2018. The Resolution Professional's counsel submitted that the applicant's net worth statement was not based on audited financial statements for the last three years. The applicant claimed to have property worth Rs. 15 Crores and wanted to present it to the Resolution Professional to satisfy the 'Expression of Interest' criteria. The Resolution Professional's counsel stated that the applicant was given ample opportunities but failed to support the net worth statement with documentary proof, leading to the return of the applicant's DD of Rs. 10 lakhs.
The applicant, M. Gagan Bothra, filed an application (MA/490/2019) in CP/540/IB/2018. The Resolution Professional's counsel argued that the net worth statement submitted by the applicant was not based on audited financial statements for the past three years. The applicant claimed to possess property worth Rs. 15 Crores, as per market value, and intended to present this information to the Resolution Professional to meet the 'Expression of Interest' criteria. The Resolution Professional's counsel stated that the applicant was given ample opportunities to provide documentary proof for their net worth statement, but failed to do so. Consequently, the Demand Draft (DD) of Rs. 10 lakhs submitted by the applicant was returned. The applicant's inability to provide audited
…Hearing of Chennai…
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