The Resolution Professional, Shri Manoj Kumar, filed an application (IA 2578/2021) under Section 66(1) of the Insolvency & Bankruptcy Code, 2016, against M/s. Chuo Senko Advertising India Private Limited (Corporate Debtor). The application sought orders against the suspended directors and other parties to remit amounts allegedly diverted fraudulently from the Corporate Debtor's account. The CIRP against the Corporate Debtor commenced on 24.09.2019. The applicant sought to recover funds diverted during the period when Mandeep Malhotra (R4) was a director, and even after his resignation. The applicant also sought to recover funds transferred to Tata Capital Financial Services Limited (R5) and Muthoot Finance Limited (R6).
The Resolution Professional (RP) filed an application alleging fraudulent transactions by the Corporate Debtor. The Corporate Debtor's CIRP commenced on 24.09.2019. The RP identified several transactions that appeared suspicious, including payments to Tata Capital Financial Services Limited (R5), Muthoot Finance Limited (R6), and other entities. Mandeep Malhotra (R4), a former director of the Corporate Debtor, authorized many of these transactions, even after his resignation. The RP appointed a Forensic Auditor to examine the Corporate Debtor's accounts. The Forensic Auditor faced difficulties in examining the accounts due to the lack of audited accounts and the non-cooperation of the suspended management. The RP found that a payment of Rs. 1,60,00,000/- was
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The Corporate…
The Interim Resolution Professional (IRP)…
The Resolution Professional, Shri Manoj Kumar, filed an application (IA 2578/2021) under Section 66(1) of the Insolvency & Bankruptcy Code, 2016, against M/s. Chuo Senko Advertising India Private Limited (Corporate Debtor). The application sought orders against the suspended directors and other parties to remit amounts allegedly diverted fraudulently from the Corporate Debtor's account. The CIRP against the Corporate Debtor commenced on 24.09.2019. The applicant sought to recover funds diverted during the period when Mandeep Malhotra (R4) was a director, and even after his resignation. The applicant also sought to recover funds transferred to Tata Capital Financial Services Limited (R5) and Muthoot Finance Limited (R6).
The Resolution Professional (RP) filed an application alleging fraudulent transactions by the Corporate Debtor. The Corporate Debtor's CIRP commenced on 24.09.2019. The RP identified several transactions that appeared suspicious, including payments to Tata Capital Financial Services Limited (R5), Muthoot Finance Limited (R6), and other entities. Mandeep Malhotra (R4), a former director of the Corporate Debtor, authorized many of these transactions, even after his resignation. The RP appointed a Forensic Auditor to examine the Corporate Debtor's accounts. The Forensic Auditor faced difficulties in examining the accounts due to the lack of audited accounts and the non-cooperation of the suspended management. The RP found that a payment of Rs. 1,60,00,000/- was
…The Corporate…
The Interim Resolution Professional (IRP)…