The case involves an application (I.A. No. 677 of 2023) filed by the Resolution Professional (Mr. Vijendra Kumar Jain) of the Corporate Debtor (Gajanan Solvex Limited) under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions against the suspended board of directors (Mr. Nitin Ramchandra Jadhav, Mr. Bhavrao RamKrishna More, and Mr. Amol Jadhav) for alleged fraudulent and wrongful trading. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 20.07.2022. The application is based on findings from a forensic audit report indicating irregularities in transactions, particularly concerning investments in and transfer of shares of a subsidiary company, Rio Resource PTE Ltd., and a contract with Aero Steel Resources Ltd.
The Corporate Debtor, Gajanan Solvex Limited, was admitted into CIRP on 20.07.2022. Mr. Vijendra Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. A forensic audit was conducted, revealing that the Corporate Debtor had invested Rs. 8,84,91,725/- in its subsidiary, Rio Resource PTE Ltd. The subsidiary had a fixed deposit of 3 million USD with Indian Bank, Singapore. Indian Bank filed an application against Gajanan Oil Private Limited (which had availed credit facility by creating a lien on the fixed deposit). The audited financials of the Corporate Debtor as of 31.03.2022 showed an investment of Rs. 8,84,91,725/- in Rio Resource PTE Ltd., but the shares had
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Corporate Debtor…
Committee of C…
The case involves an application (I.A. No. 677 of 2023) filed by the Resolution Professional (Mr. Vijendra Kumar Jain) of the Corporate Debtor (Gajanan Solvex Limited) under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions against the suspended board of directors (Mr. Nitin Ramchandra Jadhav, Mr. Bhavrao RamKrishna More, and Mr. Amol Jadhav) for alleged fraudulent and wrongful trading. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 20.07.2022. The application is based on findings from a forensic audit report indicating irregularities in transactions, particularly concerning investments in and transfer of shares of a subsidiary company, Rio Resource PTE Ltd., and a contract with Aero Steel Resources Ltd.
The Corporate Debtor, Gajanan Solvex Limited, was admitted into CIRP on 20.07.2022. Mr. Vijendra Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. A forensic audit was conducted, revealing that the Corporate Debtor had invested Rs. 8,84,91,725/- in its subsidiary, Rio Resource PTE Ltd. The subsidiary had a fixed deposit of 3 million USD with Indian Bank, Singapore. Indian Bank filed an application against Gajanan Oil Private Limited (which had availed credit facility by creating a lien on the fixed deposit). The audited financials of the Corporate Debtor as of 31.03.2022 showed an investment of Rs. 8,84,91,725/- in Rio Resource PTE Ltd., but the shares had
…Corporate Debtor…
Committee of C…