The Resolution Professional of Cura Healthcare Private Ltd filed an application under Section 25 & 49 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking relief against the respondents. The application alleges fraudulent and wrongful trading by the respondents, including diversion of funds to subsidiaries, investment in subsidiaries at exorbitant rates, and mismatch of related party transactions. The applicant seeks directions for the respondents to make contributions to the assets of the corporate debtor.
Cura Healthcare Private Limited (CHPL) underwent Corporate Insolvency Resolution Process (CIRP) initiated on 10.12.2019. The Resolution Professional (RP) filed an application alleging fraudulent transactions by the ex-directors (Respondents 1-11) and other related parties (Respondents 12-20). CHPL had availed a Cash Credit (CC) facility from State Bank of India on 20.11.2009. The RP's application highlighted several instances of diversion of funds, including investments in subsidiary companies IVES Healthcare (P) Ltd. (IVESHPL), Adonis Medical Systems (P) Ltd. (AMSPL), and Concept Integrations (India) Private Limited (CIIPL) using SBI's Cash Credit funds. The RP pointed out that CHPL invested Rs.6.04 Crore in its subsidiary companies IVES Healthcare (P) Ltd., (IVESHPL)
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Cura Healthcare Private Limited availed a Cash…
Corporate Insolvency Resolution Process (CIRP)…
The Resolution Professional of Cura Healthcare Private Ltd filed an application under Section 25 & 49 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking relief against the respondents. The application alleges fraudulent and wrongful trading by the respondents, including diversion of funds to subsidiaries, investment in subsidiaries at exorbitant rates, and mismatch of related party transactions. The applicant seeks directions for the respondents to make contributions to the assets of the corporate debtor.
Cura Healthcare Private Limited (CHPL) underwent Corporate Insolvency Resolution Process (CIRP) initiated on 10.12.2019. The Resolution Professional (RP) filed an application alleging fraudulent transactions by the ex-directors (Respondents 1-11) and other related parties (Respondents 12-20). CHPL had availed a Cash Credit (CC) facility from State Bank of India on 20.11.2009. The RP's application highlighted several instances of diversion of funds, including investments in subsidiary companies IVES Healthcare (P) Ltd. (IVESHPL), Adonis Medical Systems (P) Ltd. (AMSPL), and Concept Integrations (India) Private Limited (CIIPL) using SBI's Cash Credit funds. The RP pointed out that CHPL invested Rs.6.04 Crore in its subsidiary companies IVES Healthcare (P) Ltd., (IVESHPL)
…Cura Healthcare Private Limited availed a Cash…
Corporate Insolvency Resolution Process (CIRP)…