The Liquidator, R. Raghavendran, filed a Contempt Petition against K. Paramasivam, the suspended Managing Director of Sri Maharaja Oil Imports & Exports India (P) Ltd., for alleged non-compliance with an NCLT order dated 24.01.2025 (corrected on 31.01.2025). This order directed Mr. Paramasivam to pay Rs. 12,20,99,683/- to the liquidation estate within 45 days for related party transactions. The original Corporate Insolvency Resolution Process (CIRP) was initiated by State Bank of India against the Corporate Debtor. Mr. Paramasivam preferred an appeal against the payment order before the NCLAT, which was numbered but, according to the applicant, had not granted a stay.
The Liquidator filed a Contempt Petition against Mr. K. Paramasivam, suspended Managing Director of the Corporate Debtor.
The Contempt Petition seeks a declaration of civil contempt, enforcement of an order under the Contempt of Courts Act, 1971, and other appropriate orders.
The Company Petition CP/531/(IB)/CB/2017 was filed by State Bank of India against Sri Maharaja Oil Imports and Exports India (P) Ltd. for Corporate Insolvency Resolution Process (CIRP).
The CIRP petition was admitted on 04.08.2017, and the Applicant (R. Raghavendran) was appointed as Interim Resolution Professional (IRP).
The Applicant subsequently became the Resolution Professional (RP) as resolved during the First CoC Meeting on 07.09.2017 by the Sole CoC Member, State Bank of India.
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The Company Petition CP/531/(IB)/CB/2017…
During the First CoC Meeting, the Applicant…
The Liquidator, R. Raghavendran, filed a Contempt Petition against K. Paramasivam, the suspended Managing Director of Sri Maharaja Oil Imports & Exports India (P) Ltd., for alleged non-compliance with an NCLT order dated 24.01.2025 (corrected on 31.01.2025). This order directed Mr. Paramasivam to pay Rs. 12,20,99,683/- to the liquidation estate within 45 days for related party transactions. The original Corporate Insolvency Resolution Process (CIRP) was initiated by State Bank of India against the Corporate Debtor. Mr. Paramasivam preferred an appeal against the payment order before the NCLAT, which was numbered but, according to the applicant, had not granted a stay.
The Liquidator filed a Contempt Petition against Mr. K. Paramasivam, suspended Managing Director of the Corporate Debtor.
The Contempt Petition seeks a declaration of civil contempt, enforcement of an order under the Contempt of Courts Act, 1971, and other appropriate orders.
The Company Petition CP/531/(IB)/CB/2017 was filed by State Bank of India against Sri Maharaja Oil Imports and Exports India (P) Ltd. for Corporate Insolvency Resolution Process (CIRP).
The CIRP petition was admitted on 04.08.2017, and the Applicant (R. Raghavendran) was appointed as Interim Resolution Professional (IRP).
The Applicant subsequently became the Resolution Professional (RP) as resolved during the First CoC Meeting on 07.09.2017 by the Sole CoC Member, State Bank of India.
…The Company Petition CP/531/(IB)/CB/2017…
During the First CoC Meeting, the Applicant…