This application, MA 2987/2019, was filed by TJSB Sahakari Bank Limited (the Applicant) against M/s Vipul S Plastocrafts Private Limited (the Corporate Debtor) and multiple respondents under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Applicant sought severe penalties against the respondents for alleged fraudulent initiation of the Corporate Insolvency Resolution Process (CIRP), falsification of books, willful and material omissions from statements, and false representations to creditors. The Applicant also requested the dismissal of Company Petition No. 1669 of 2018, which initiated the CIRP, and the revocation of orders passed thereunder.
…TJSB Sahakari Bank Limited (the Applicant) sanctioned various loan facilities to M/s Vipul S Plastocrafts Private Limited (the Corporate Debtor) between 2008 and 2013. Respondents No. 8 and 9 acted as personal guarantors for these loan facilities. The Corporate Debtor made regular payments to the Applicant from 2011 to 2016, indicating a period of compliance with the loan agreements.
On July 15, 2014, Respondent No. 2 was appointed as an Additional Director of the Corporate Debtor. Subsequently, on January 19, 2016, Respondent No. 2 acquired 80% shareholding of the Corporate Debtor. Following this transfer of shareholding, the Corporate Debtor began defaulting on its loan installment payments to the Applicant.
…Respondent No. 2 was…
80% shareholding of the Corporate Debtor was…
This application, MA 2987/2019, was filed by TJSB Sahakari Bank Limited (the Applicant) against M/s Vipul S Plastocrafts Private Limited (the Corporate Debtor) and multiple respondents under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Applicant sought severe penalties against the respondents for alleged fraudulent initiation of the Corporate Insolvency Resolution Process (CIRP), falsification of books, willful and material omissions from statements, and false representations to creditors. The Applicant also requested the dismissal of Company Petition No. 1669 of 2018, which initiated the CIRP, and the revocation of orders passed thereunder.
…TJSB Sahakari Bank Limited (the Applicant) sanctioned various loan facilities to M/s Vipul S Plastocrafts Private Limited (the Corporate Debtor) between 2008 and 2013. Respondents No. 8 and 9 acted as personal guarantors for these loan facilities. The Corporate Debtor made regular payments to the Applicant from 2011 to 2016, indicating a period of compliance with the loan agreements.
On July 15, 2014, Respondent No. 2 was appointed as an Additional Director of the Corporate Debtor. Subsequently, on January 19, 2016, Respondent No. 2 acquired 80% shareholding of the Corporate Debtor. Following this transfer of shareholding, the Corporate Debtor began defaulting on its loan installment payments to the Applicant.
…Respondent No. 2 was…
80% shareholding of the Corporate Debtor was…