The case involves an application filed under Section 66 of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) of A School India Private Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) following an application by an Operational Creditor. The RP sought orders directing the respondents, including erstwhile directors and a related trust, to contribute funds to the Corporate Debtor, alleging fraudulent diversion of funds. The RP claimed that the Corporate Debtor failed to obtain necessary licenses, leading to closure of schools, and that funds collected from franchisees were diverted to Rajah Sir Annamalai Chettiar Foundation, a related trust. The RP also sought investigation of the trust's books and records.
A School India Private Limited was admitted into CIRP based on an application by an Operational Creditor. Shri S.R. Krishnan was appointed as the IRP, and later the Applicant was appointed as the RP. The RP filed an application under Section 66 of the IBC, alleging fraudulent trading and diversion of funds by the erstwhile promoters and directors. The RP claimed that the Corporate Debtor failed to obtain licenses to operate schools, leading to their closure. Franchise agreements were in place, and money collected from students as fees was directly paid in the name of A School. The RP alleged that funds were diverted to Rajah Sir Annamalai Chettiar Foundation, a related trust. The Operational Creditors had obtained arbitral awards totaling Rs.4,06,10,976/-. The
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A School India Private Limited was admitted to…
Arbitrator passed awards in favour of the…
The case involves an application filed under Section 66 of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) of A School India Private Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) following an application by an Operational Creditor. The RP sought orders directing the respondents, including erstwhile directors and a related trust, to contribute funds to the Corporate Debtor, alleging fraudulent diversion of funds. The RP claimed that the Corporate Debtor failed to obtain necessary licenses, leading to closure of schools, and that funds collected from franchisees were diverted to Rajah Sir Annamalai Chettiar Foundation, a related trust. The RP also sought investigation of the trust's books and records.
A School India Private Limited was admitted into CIRP based on an application by an Operational Creditor. Shri S.R. Krishnan was appointed as the IRP, and later the Applicant was appointed as the RP. The RP filed an application under Section 66 of the IBC, alleging fraudulent trading and diversion of funds by the erstwhile promoters and directors. The RP claimed that the Corporate Debtor failed to obtain licenses to operate schools, leading to their closure. Franchise agreements were in place, and money collected from students as fees was directly paid in the name of A School. The RP alleged that funds were diverted to Rajah Sir Annamalai Chettiar Foundation, a related trust. The Operational Creditors had obtained arbitral awards totaling Rs.4,06,10,976/-. The
…A School India Private Limited was admitted to…
Arbitrator passed awards in favour of the…