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 (Respondents: Mr. Nitin Ramchandra Jadhav & Ors.) for fraudulent and wrongful trading. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 20.07.2022. Allegations include misreporting of investments in a subsidiary company (Rio Resource PTE Ltd.), fraudulent transactions, and failure to disclose liabilities. A forensic audit revealed discrepancies in the Corporate Debtor's financial statements and transactions.
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 on 12.08.2022. A forensic audit was conducted, revealing that the Corporate Debtor had invested Rs.8,84,91,725/- in its subsidiary, Rio Resource PTE Ltd. Rio Resource PTE Ltd. had a fixed deposit of 3 million USD with the Indian Bank, Singapore Branch. The Indian Bank filed an application against Gajanan Oil Private Limited before the Bombay High Court. The audited financials of the Corporate Debtor as on 31.03.2022 showed an investment of Rs.8,84,91,725/- in Rio Resource PTE Ltd., but the shares had been transferred
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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 (Respondents: Mr. Nitin Ramchandra Jadhav & Ors.) for fraudulent and wrongful trading. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 20.07.2022. Allegations include misreporting of investments in a subsidiary company (Rio Resource PTE Ltd.), fraudulent transactions, and failure to disclose liabilities. A forensic audit revealed discrepancies in the Corporate Debtor's financial statements and transactions.
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 on 12.08.2022. A forensic audit was conducted, revealing that the Corporate Debtor had invested Rs.8,84,91,725/- in its subsidiary, Rio Resource PTE Ltd. Rio Resource PTE Ltd. had a fixed deposit of 3 million USD with the Indian Bank, Singapore Branch. The Indian Bank filed an application against Gajanan Oil Private Limited before the Bombay High Court. The audited financials of the Corporate Debtor as on 31.03.2022 showed an investment of Rs.8,84,91,725/- in Rio Resource PTE Ltd., but the shares had been transferred
…Corporate Debtor…
Committee of C…