The Resolution Professional filed an application under various sections of the Insolvency and Bankruptcy Code, 2016, seeking directions against the suspended board of directors of the Corporate Debtor for illegally withdrawing funds during the Corporate Insolvency Resolution Process (CIRP) in violation of moratorium orders.
The Resolution Professional (RP), Mr. Shikhar Chand Jain, for Shree Vishnu & Energy Private Limited (Corporate Debtor), filed an application under Sections 67, 68, 69, 70, 72 and 74 of the Insolvency and Bankruptcy Code, 2016. This application sought directions against the suspended board of directors, Mr. Deepak K. Daga and Mr. Manoj Daga, for withdrawing Rs. 6,72,12,170.22 from the Corporate Debtor's bank account during the Corporate Insolvency Resolution Process (CIRP). Of this amount, Rs. 1,22,00,000/- was deposited back, leaving a balance of Rs. 5,50,12,170.22 outstanding.
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The Resolution Professional filed an application under various sections of the Insolvency and Bankruptcy Code, 2016, seeking directions against the suspended board of directors of the Corporate Debtor for illegally withdrawing funds during the Corporate Insolvency Resolution Process (CIRP) in violation of moratorium orders.
The Resolution Professional (RP), Mr. Shikhar Chand Jain, for Shree Vishnu & Energy Private Limited (Corporate Debtor), filed an application under Sections 67, 68, 69, 70, 72 and 74 of the Insolvency and Bankruptcy Code, 2016. This application sought directions against the suspended board of directors, Mr. Deepak K. Daga and Mr. Manoj Daga, for withdrawing Rs. 6,72,12,170.22 from the Corporate Debtor's bank account during the Corporate Insolvency Resolution Process (CIRP). Of this amount, Rs. 1,22,00,000/- was deposited back, leaving a balance of Rs. 5,50,12,170.22 outstanding.
NCLT, Cuttack Bench…
Hon'ble NCLAT passed an…
Sign in to view related legal provisions.