The application was filed under Section 66 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Mrs. Ashu Gupta, of the Corporate Debtor, M/s Web Tech Packagings (INDIA) Private Limited, seeking reliefs related to fraudulent transactions and misappropriation of funds. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25.07.2019, and Mrs. Ashu Gupta was appointed as the Resolution Professional. A forensic audit was conducted, revealing several instances of financial irregularities and fraudulent activities by the respondents.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Web Tech Packagings (INDIA) Private Limited on 25.07.2019. The Resolution Professional, Mrs. Ashu Gupta, appointed M/s VMRS & Associates to conduct a forensic audit. The forensic audit report revealed several financial irregularities, including: Diversion of stock worth Rs. 5,48,50,824; Fund misappropriation worth Rs. 24,02,726 under related party transactions; Overstated electricity expenses worth Rs. 21,70,949; Excessive remuneration charged worth Rs. 1,89,14,000; Negative balance of cash in hand worth Rs. 15,92,574; Concealment of statutory dues worth Rs. 1,29,11,964. The respondents, including directors Sunil Tangri and Ramni Tangri, allegedly manipulated books of accounts and engaged
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Corporate Insolvency…
Committee of Creditors (COC) in its 8th…
The application was filed under Section 66 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Mrs. Ashu Gupta, of the Corporate Debtor, M/s Web Tech Packagings (INDIA) Private Limited, seeking reliefs related to fraudulent transactions and misappropriation of funds. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25.07.2019, and Mrs. Ashu Gupta was appointed as the Resolution Professional. A forensic audit was conducted, revealing several instances of financial irregularities and fraudulent activities by the respondents.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Web Tech Packagings (INDIA) Private Limited on 25.07.2019. The Resolution Professional, Mrs. Ashu Gupta, appointed M/s VMRS & Associates to conduct a forensic audit. The forensic audit report revealed several financial irregularities, including: Diversion of stock worth Rs. 5,48,50,824; Fund misappropriation worth Rs. 24,02,726 under related party transactions; Overstated electricity expenses worth Rs. 21,70,949; Excessive remuneration charged worth Rs. 1,89,14,000; Negative balance of cash in hand worth Rs. 15,92,574; Concealment of statutory dues worth Rs. 1,29,11,964. The respondents, including directors Sunil Tangri and Ramni Tangri, allegedly manipulated books of accounts and engaged
…Corporate Insolvency…
Committee of Creditors (COC) in its 8th…