The case involves an application (I.A. (IB) No. 314 of 2022) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Adi Ispat Private Limited. The application, filed under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016, seeks to declare certain transactions as preferential and fraudulent. The CIRP commenced on 22.11.2019. There was a change in resolution professionals due to CBI proceedings against the initial RP, causing delays. The application seeks condonation of delay in filing and declaration of certain transactions as preferential and fraudulent.
Adi Ispat Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-11-22 under Section 7 of the IBC. The initial resolution professional was replaced due to CBI proceedings, causing delays. The applicant, the new resolution professional, filed an application (I.A. (IB) No. 314 of 2022) seeking to declare certain transactions as preferential and fraudulent under Sections 43 and 66 of the IBC. The application identified deviations in the books of accounts, preferential transactions, fraudulent transactions, and wrongful trading. The applicant claimed that certain cash transactions were suspicious. The respondents, Amit Kumar Sarawgi and Sumit Kumar Sarawgi, argued that the transactions were neither preferential nor fraudulent, attributing
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Corporate Insolvency Resolution Process…
NCLT Kolkata Bench passed an order replacing the…
The case involves an application (I.A. (IB) No. 314 of 2022) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Adi Ispat Private Limited. The application, filed under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016, seeks to declare certain transactions as preferential and fraudulent. The CIRP commenced on 22.11.2019. There was a change in resolution professionals due to CBI proceedings against the initial RP, causing delays. The application seeks condonation of delay in filing and declaration of certain transactions as preferential and fraudulent.
Adi Ispat Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-11-22 under Section 7 of the IBC. The initial resolution professional was replaced due to CBI proceedings, causing delays. The applicant, the new resolution professional, filed an application (I.A. (IB) No. 314 of 2022) seeking to declare certain transactions as preferential and fraudulent under Sections 43 and 66 of the IBC. The application identified deviations in the books of accounts, preferential transactions, fraudulent transactions, and wrongful trading. The applicant claimed that certain cash transactions were suspicious. The respondents, Amit Kumar Sarawgi and Sumit Kumar Sarawgi, argued that the transactions were neither preferential nor fraudulent, attributing
…Corporate Insolvency Resolution Process…
NCLT Kolkata Bench passed an order replacing the…