The case involves an Interlocutory Application filed by the Resolution Professional (RP) of Altair Industrial Technologies Private Limited, seeking directions against the respondents for preferential and fraudulent transactions. The Corporate Insolvency Resolution Process (CIRP) commenced on February 26, 2019. The RP sought the remittance of INR 28,60,000 by Respondent No. 1 and INR 13,55,000 by Respondent No. 3 into the Corporate Debtor's account, alleging these were preferential payments. Additionally, the RP sought the remittance of INR 1,99,26,112 by Respondent No. 1, claiming it was fraudulently withdrawn/misappropriated, and the return of current assets removed from the Corporate Debtor's registered office.
The Corporate Insolvency Resolution Process (CIRP) commenced against Altair Industrial Technologies Private Limited on February 26, 2019. Mr. Sunil G. Nanal was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) consisted of Bank of India and SIDBI. In the first CoC meeting on March 27, 2019, it was decided to replace the IRP with Mr. Harshad S. Deshpande as the Resolution Professional (RP). A forensic audit was conducted for the period from February 27, 2017, to February 26, 2019. The audit revealed transactions between the Corporate Debtor and related parties, including Respondents No. 1 and 3. Respondent No. 1 allegedly withdrew INR 1,99,26,112 from the Corporate Debtor's Kotak Mahindra Bank account between February
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Filing of Cor…
Corporate Insolvency…
The case involves an Interlocutory Application filed by the Resolution Professional (RP) of Altair Industrial Technologies Private Limited, seeking directions against the respondents for preferential and fraudulent transactions. The Corporate Insolvency Resolution Process (CIRP) commenced on February 26, 2019. The RP sought the remittance of INR 28,60,000 by Respondent No. 1 and INR 13,55,000 by Respondent No. 3 into the Corporate Debtor's account, alleging these were preferential payments. Additionally, the RP sought the remittance of INR 1,99,26,112 by Respondent No. 1, claiming it was fraudulently withdrawn/misappropriated, and the return of current assets removed from the Corporate Debtor's registered office.
The Corporate Insolvency Resolution Process (CIRP) commenced against Altair Industrial Technologies Private Limited on February 26, 2019. Mr. Sunil G. Nanal was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) consisted of Bank of India and SIDBI. In the first CoC meeting on March 27, 2019, it was decided to replace the IRP with Mr. Harshad S. Deshpande as the Resolution Professional (RP). A forensic audit was conducted for the period from February 27, 2017, to February 26, 2019. The audit revealed transactions between the Corporate Debtor and related parties, including Respondents No. 1 and 3. Respondent No. 1 allegedly withdrew INR 1,99,26,112 from the Corporate Debtor's Kotak Mahindra Bank account between February
…Filing of Cor…
Corporate Insolvency…