The case involves an application filed by the Liquidator of Birla Cotsyn (India) Limited, seeking to declare certain transactions as preferential under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator initially alleged that several transactions were preferential, including those with related parties. However, based on legal advice, the liquidator dropped the allegation of related parties, resulting in a reduction of the look-back period and the amount claimed. The transactions under scrutiny include loans, advance payments, and purchases of goods and services. The Corporate Debtor, Birla Cotsyn, faced financial difficulties and was admitted into Corporate Insolvency Resolution Process (CIRP) following an application by Edelweiss Asset
…Birla Cotsyn (India) Limited, the Corporate Debtor (CD), was incorporated in 1941 and faced significant losses in 2012-13, leading to its accounts being declared non-performing assets (NPA) by banks. Edelweiss Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 20.11.2018. Ms. Sujata Chattopadhyay was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP appointed M/s IIRIS Consulting as the Forensic Auditor, who submitted a report on 15.04.2019. The CIRP failed, and liquidation was initiated on 24.09.2019, with the applicant appointed as the Liquidator. The liquidator identified
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M/s Birla Cotsyn…
Huge losses were…
The case involves an application filed by the Liquidator of Birla Cotsyn (India) Limited, seeking to declare certain transactions as preferential under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator initially alleged that several transactions were preferential, including those with related parties. However, based on legal advice, the liquidator dropped the allegation of related parties, resulting in a reduction of the look-back period and the amount claimed. The transactions under scrutiny include loans, advance payments, and purchases of goods and services. The Corporate Debtor, Birla Cotsyn, faced financial difficulties and was admitted into Corporate Insolvency Resolution Process (CIRP) following an application by Edelweiss Asset
…Birla Cotsyn (India) Limited, the Corporate Debtor (CD), was incorporated in 1941 and faced significant losses in 2012-13, leading to its accounts being declared non-performing assets (NPA) by banks. Edelweiss Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 20.11.2018. Ms. Sujata Chattopadhyay was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP appointed M/s IIRIS Consulting as the Forensic Auditor, who submitted a report on 15.04.2019. The CIRP failed, and liquidation was initiated on 24.09.2019, with the applicant appointed as the Liquidator. The liquidator identified
…M/s Birla Cotsyn…
Huge losses were…