The case involves a Company Petition (CP (IB)No.133/BB/2017) filed by Khemka Plyland (Petitioner/Operational Creditor) under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the petition on February 2, 2018, initiating CIRP, appointing an IRP, and imposing a moratorium. Subsequently, the Applicant was appointed as Resolution Professional and later as Liquidator of the Corporate Debtor. The Liquidator discovered fraudulent diversion of assets to group companies and filed an application under Section 66 of the Code. The Adjudicating Authority directed the RP to approach SFIO for further investigation. The liquidation process was initiated, and the Liquidator took steps to secure and sell the assets of the Corporate Debtor.
Khemka Plyland filed a Company Petition (CP (IB)No.133/BB/2017) against Zed Fabs India Pvt. Ltd. under Section 9 of the IBC, 2016. The petition was admitted on February 2, 2018, initiating CIRP. An IRP was appointed, and a moratorium was imposed. The Applicant was appointed as Resolution Professional and later as Liquidator. The Liquidator discovered fraudulent diversion of assets to group companies and filed an application under Section 66 of the Code. The Adjudicating Authority directed the RP to approach SFIO for further investigation. The Liquidator visited the factory and found it locked for more than 3 years, with some machinery stolen. The Liquidator sold the remaining scrap items through e-auction. The liquidation process was completed, and the Liquidator
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Company Petition bearing C.P.…
The Adjudicating Authority admitted the…
The case involves a Company Petition (CP (IB)No.133/BB/2017) filed by Khemka Plyland (Petitioner/Operational Creditor) under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the petition on February 2, 2018, initiating CIRP, appointing an IRP, and imposing a moratorium. Subsequently, the Applicant was appointed as Resolution Professional and later as Liquidator of the Corporate Debtor. The Liquidator discovered fraudulent diversion of assets to group companies and filed an application under Section 66 of the Code. The Adjudicating Authority directed the RP to approach SFIO for further investigation. The liquidation process was initiated, and the Liquidator took steps to secure and sell the assets of the Corporate Debtor.
Khemka Plyland filed a Company Petition (CP (IB)No.133/BB/2017) against Zed Fabs India Pvt. Ltd. under Section 9 of the IBC, 2016. The petition was admitted on February 2, 2018, initiating CIRP. An IRP was appointed, and a moratorium was imposed. The Applicant was appointed as Resolution Professional and later as Liquidator. The Liquidator discovered fraudulent diversion of assets to group companies and filed an application under Section 66 of the Code. The Adjudicating Authority directed the RP to approach SFIO for further investigation. The Liquidator visited the factory and found it locked for more than 3 years, with some machinery stolen. The Liquidator sold the remaining scrap items through e-auction. The liquidation process was completed, and the Liquidator
…Company Petition bearing C.P.…
The Adjudicating Authority admitted the…