The case involves an application filed by the Resolution Professional (RP) of HIM Steels Pvt Ltd, Ms. Reshma Mittal, under Section 43(1) and Section 66(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP sought orders from the National Company Law Tribunal (NCLT) to declare certain transactions as preferential and fraudulent, and to direct the respondents (ex-directors of the Corporate Debtor) to make contributions to the assets of the corporate debtor. The application was based on the findings of a Transaction Audit Report which revealed manipulation of books of accounts, diversion of funds, and misappropriation of assets.
1. The Resolution Professional (RP) of HIM Steels Pvt Ltd filed an application under Section 43(1) and 66(1) of the Insolvency and Bankruptcy Code, 2016, alleging preferential and fraudulent transactions.
2. The RP's application was supported by a Transaction Audit Report which revealed manipulation of books of accounts, diversion of funds, and misappropriation of assets.
3. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and the RP was appointed.
4. The ex-directors of the Corporate Debtor did not fully cooperate with the RP in providing necessary documents and information.
5. The RP appointed a Transaction Auditor to conduct a transaction audit of the Corporate Debtor.
6. The Transaction Audit Report revealed that
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The Tribunal admitted the petition and…
In the First meeting of…
The case involves an application filed by the Resolution Professional (RP) of HIM Steels Pvt Ltd, Ms. Reshma Mittal, under Section 43(1) and Section 66(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP sought orders from the National Company Law Tribunal (NCLT) to declare certain transactions as preferential and fraudulent, and to direct the respondents (ex-directors of the Corporate Debtor) to make contributions to the assets of the corporate debtor. The application was based on the findings of a Transaction Audit Report which revealed manipulation of books of accounts, diversion of funds, and misappropriation of assets.
1. The Resolution Professional (RP) of HIM Steels Pvt Ltd filed an application under Section 43(1) and 66(1) of the Insolvency and Bankruptcy Code, 2016, alleging preferential and fraudulent transactions.
2. The RP's application was supported by a Transaction Audit Report which revealed manipulation of books of accounts, diversion of funds, and misappropriation of assets.
3. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and the RP was appointed.
4. The ex-directors of the Corporate Debtor did not fully cooperate with the RP in providing necessary documents and information.
5. The RP appointed a Transaction Auditor to conduct a transaction audit of the Corporate Debtor.
6. The Transaction Audit Report revealed that
The Tribunal admitted the petition and…
In the First meeting of…