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, investments at exorbitant rates, and non-compliance with Companies Act provisions. The CIRP was initiated on 10.12.2019, and the applicant was appointed as Interim Resolution Professional and later re-appointed as Resolution Professional on 23.04.2020. A transaction audit was conducted, revealing transactions amounting to fraudulent trading under Section 66 of IBC, 2016.
Cura Healthcare Private Limited (CHPL) underwent Corporate Insolvency Resolution Process (CIRP) initiated on 10.12.2019. Ms. Jayashree S Iyer, the Resolution Professional, filed an application alleging fraudulent transactions by the respondents. CHPL had availed a Cash Credit (CC) facility from State Bank of India on 20.11.2009. The transaction audit report revealed that CHPL diverted funds from this CC facility to its subsidiaries, IVES Healthcare (P) Ltd. (IVESHPL) and Adonis Medical Systems (P) Ltd. (AMSPL). CHPL invested Rs.6.04 Crore in these subsidiaries between April 2016 and March 2019. The audit also showed investments in IVESHPL and AMSPL through ledger vouchers dated 15.09.2016, 25.11.2016, 26.08.2016, and 20.10.2016. Share Purchase Agreements (SPA) between
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Cura Healthcare Private Limited availed a Cash…
The Corporate Debtor sanctioned a Short…
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, investments at exorbitant rates, and non-compliance with Companies Act provisions. The CIRP was initiated on 10.12.2019, and the applicant was appointed as Interim Resolution Professional and later re-appointed as Resolution Professional on 23.04.2020. A transaction audit was conducted, revealing transactions amounting to fraudulent trading under Section 66 of IBC, 2016.
Cura Healthcare Private Limited (CHPL) underwent Corporate Insolvency Resolution Process (CIRP) initiated on 10.12.2019. Ms. Jayashree S Iyer, the Resolution Professional, filed an application alleging fraudulent transactions by the respondents. CHPL had availed a Cash Credit (CC) facility from State Bank of India on 20.11.2009. The transaction audit report revealed that CHPL diverted funds from this CC facility to its subsidiaries, IVES Healthcare (P) Ltd. (IVESHPL) and Adonis Medical Systems (P) Ltd. (AMSPL). CHPL invested Rs.6.04 Crore in these subsidiaries between April 2016 and March 2019. The audit also showed investments in IVESHPL and AMSPL through ledger vouchers dated 15.09.2016, 25.11.2016, 26.08.2016, and 20.10.2016. Share Purchase Agreements (SPA) between
…Cura Healthcare Private Limited availed a Cash…
The Corporate Debtor sanctioned a Short…