The case involves an application by the liquidator of Duckbill Drugs Private Limited against the former directors, Mr. Swapan Mukherjee, Mr. Arjun Mukherjee, Mrs. Poulami Mukherjee, and a related party, M/s. Sanjeev Prakash Lal, under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor, Duckbill Drugs Pvt Ltd, was admitted into CIRP on 17.12.2019. Due to the absence of a resolution applicant, the company was ordered into liquidation on 13.04.2021. The liquidator alleges misconduct by the suspended board, including falsification of accounts, mishandling of cash, transactions with related parties, and failure to hand over assets and records. The liquidator seeks recovery of funds and avoidance of transactions deemed fraudulent.
Duckbill Drugs Pvt Ltd was admitted into CIRP on 17.12.2019, and subsequently ordered into liquidation on 13.04.2021 due to the absence of a resolution applicant. The liquidator, CA Santanu Brahma, filed an application against the former directors (Mr. Swapan Mukherjee, Mr. Arjun Mukherjee, Mrs. Poulami Mukherjee) and a related party (M/s. Sanjeev Prakash Lal) alleging misconduct and fraudulent transactions. Key allegations include: 1) Falsification of accounts: Discrepancies between management's Tally software-based accounts and the corporate debtor's audited financials. The audited trial balance showed a balance of Rs. 49,34,311.74 due from Mr. Arjun Mukherjee and Mr. Swapan Mukherjee, while the trial balance provided by the suspended board indicated a balance of
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CIRP commenced pursuant…
The case involves an application by the liquidator of Duckbill Drugs Private Limited against the former directors, Mr. Swapan Mukherjee, Mr. Arjun Mukherjee, Mrs. Poulami Mukherjee, and a related party, M/s. Sanjeev Prakash Lal, under Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor, Duckbill Drugs Pvt Ltd, was admitted into CIRP on 17.12.2019. Due to the absence of a resolution applicant, the company was ordered into liquidation on 13.04.2021. The liquidator alleges misconduct by the suspended board, including falsification of accounts, mishandling of cash, transactions with related parties, and failure to hand over assets and records. The liquidator seeks recovery of funds and avoidance of transactions deemed fraudulent.
Duckbill Drugs Pvt Ltd was admitted into CIRP on 17.12.2019, and subsequently ordered into liquidation on 13.04.2021 due to the absence of a resolution applicant. The liquidator, CA Santanu Brahma, filed an application against the former directors (Mr. Swapan Mukherjee, Mr. Arjun Mukherjee, Mrs. Poulami Mukherjee) and a related party (M/s. Sanjeev Prakash Lal) alleging misconduct and fraudulent transactions. Key allegations include: 1) Falsification of accounts: Discrepancies between management's Tally software-based accounts and the corporate debtor's audited financials. The audited trial balance showed a balance of Rs. 49,34,311.74 due from Mr. Arjun Mukherjee and Mr. Swapan Mukherjee, while the trial balance provided by the suspended board indicated a balance of
…Financial Creditor…
CIRP commenced pursuant…