The case involves an application filed by the liquidator of Charbhuja Industries Private Limited for avoidance of transactions under Sections 43, 45, and 66 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced against the Corporate Debtor on 19.06.2017. The liquidator, acting as the Resolution Professional (RP), appointed a Forensic Auditor to conduct a transactional audit. The audit revealed discrepancies and mismatches in the Corporate Debtor's accounts, indicating preferential, undervalued, fraudulent, or wrongful transactions. The application seeks to address these transactions.
Charbhuja Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) starting 2017-06-19. The liquidator, Mr. Anil Goel, initiated an application to investigate potentially avoidable transactions. A forensic audit was conducted, covering the period from 2015-06-19 to 2017-06-19. The Corporate Debtor dealt in agro-based products. Respondents 1 and 2 were suspended directors and shareholders. Respondent 3 was an erstwhile shareholder holding 36% until 2015. Respondent 4 is the wife of R3, holding 26% at CIRP initiation. Respondent 5 is the HUF of R3, holding 14%. R6 is the mother of R3. Respondents 7 to 45 are sundry creditors, and Respondents 47 to 56 are sundry debtors. The forensic audit revealed discrepancies in the accounts. Payments
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Corporate Insolvency Resolution Process (CIRP)…
The Resolution Professional appointed Mr.…
The case involves an application filed by the liquidator of Charbhuja Industries Private Limited for avoidance of transactions under Sections 43, 45, and 66 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced against the Corporate Debtor on 19.06.2017. The liquidator, acting as the Resolution Professional (RP), appointed a Forensic Auditor to conduct a transactional audit. The audit revealed discrepancies and mismatches in the Corporate Debtor's accounts, indicating preferential, undervalued, fraudulent, or wrongful transactions. The application seeks to address these transactions.
Charbhuja Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) starting 2017-06-19. The liquidator, Mr. Anil Goel, initiated an application to investigate potentially avoidable transactions. A forensic audit was conducted, covering the period from 2015-06-19 to 2017-06-19. The Corporate Debtor dealt in agro-based products. Respondents 1 and 2 were suspended directors and shareholders. Respondent 3 was an erstwhile shareholder holding 36% until 2015. Respondent 4 is the wife of R3, holding 26% at CIRP initiation. Respondent 5 is the HUF of R3, holding 14%. R6 is the mother of R3. Respondents 7 to 45 are sundry creditors, and Respondents 47 to 56 are sundry debtors. The forensic audit revealed discrepancies in the accounts. Payments
…Corporate Insolvency Resolution Process (CIRP)…
The Resolution Professional appointed Mr.…