The case involves an Interlocutory Application (I.A. 2097 of 2023) filed by the Liquidator of M/s. Gourmet Renaissance Private Limited, seeking to recover diverted funds and assets from the respondents. The Corporate Debtor, Gourmet Renaissance Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.03.2019 and subsequently into liquidation on 05.08.2021. The liquidator discovered discrepancies in the Corporate Debtor's books, including written-off assets, doubtful transactions with M/s. Passion for Lifestyle Private Limited, and unrecovered debts. The application seeks to direct the respondents, who are the suspended Board of Directors, to contribute to the liquidation estate.
The Corporate Debtor, Gourmet Renaissance Private Limited, entered CIRP on 11.03.2019 and liquidation on 05.08.2021. The liquidator discovered that kitchen equipment worth ₹6,56,36,549/- recorded in the balance sheet could not be located. Respondent No. 1 stated that kitchen equipment worth ₹3.80 Crores was confiscated by operational creditors. The books revealed that these assets were written off on 30.09.2017 without justification. An advance of ₹16,71,72,679/- to M/s. Passion for Lifestyle Private Limited was written off on 31.03.2018. Respondent No. 2 is a director of Passion for Lifestyle Private Limited, which operated from the Corporate Debtor's office and was struck off from the Registrar of Companies. Debts recoverable from Gaia Dairy Foods (₹1,20,00,000/-)
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An Application u/s 9 of the I B Code was…
Corporate Deb…
The case involves an Interlocutory Application (I.A. 2097 of 2023) filed by the Liquidator of M/s. Gourmet Renaissance Private Limited, seeking to recover diverted funds and assets from the respondents. The Corporate Debtor, Gourmet Renaissance Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.03.2019 and subsequently into liquidation on 05.08.2021. The liquidator discovered discrepancies in the Corporate Debtor's books, including written-off assets, doubtful transactions with M/s. Passion for Lifestyle Private Limited, and unrecovered debts. The application seeks to direct the respondents, who are the suspended Board of Directors, to contribute to the liquidation estate.
The Corporate Debtor, Gourmet Renaissance Private Limited, entered CIRP on 11.03.2019 and liquidation on 05.08.2021. The liquidator discovered that kitchen equipment worth ₹6,56,36,549/- recorded in the balance sheet could not be located. Respondent No. 1 stated that kitchen equipment worth ₹3.80 Crores was confiscated by operational creditors. The books revealed that these assets were written off on 30.09.2017 without justification. An advance of ₹16,71,72,679/- to M/s. Passion for Lifestyle Private Limited was written off on 31.03.2018. Respondent No. 2 is a director of Passion for Lifestyle Private Limited, which operated from the Corporate Debtor's office and was struck off from the Registrar of Companies. Debts recoverable from Gaia Dairy Foods (₹1,20,00,000/-)
…An Application u/s 9 of the I B Code was…
Corporate Deb…