The case involves an application (I.A. 4432/2021) filed by the Resolution Professional (RP) of Rohtas Projects Limited seeking intervention in the liquidation application (I.A 4955/2020) filed by the RP of Hydric Farms Inputs Ltd. (Corporate Debtor). The RP of Rohtas Projects Limited contends that certain transactions involving the Corporate Debtor and Rohtas Projects Limited were fraudulent and intended to defraud creditors, particularly real estate allottees of the 'Matrix Techno Square' project. The application seeks to maintain the status quo of the units in question, pending adjudication of I.A. 4680/2020, which seeks avoidance of these transactions.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Hydric Farms Inputs Ltd. based on an application filed by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 20.11.2019. The Resolution Professional (RP) of Rohtas Projects Limited filed an application (I.A. 4432/2021) seeking intervention in the liquidation application (I.A 4955/2020) of Hydric Farms Inputs Ltd. The RP of Rohtas Projects Limited claimed that the ex-directors of both Rohtas Projects Limited and Hydric Farms Inputs Ltd. colluded to defraud creditors, particularly real estate allottees of the 'Matrix Techno Square' project. The alleged fraud involved creating forged board resolutions and transferring units to related entities.
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Tribunal admitted the application filed by…
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The case involves an application (I.A. 4432/2021) filed by the Resolution Professional (RP) of Rohtas Projects Limited seeking intervention in the liquidation application (I.A 4955/2020) filed by the RP of Hydric Farms Inputs Ltd. (Corporate Debtor). The RP of Rohtas Projects Limited contends that certain transactions involving the Corporate Debtor and Rohtas Projects Limited were fraudulent and intended to defraud creditors, particularly real estate allottees of the 'Matrix Techno Square' project. The application seeks to maintain the status quo of the units in question, pending adjudication of I.A. 4680/2020, which seeks avoidance of these transactions.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Hydric Farms Inputs Ltd. based on an application filed by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 20.11.2019. The Resolution Professional (RP) of Rohtas Projects Limited filed an application (I.A. 4432/2021) seeking intervention in the liquidation application (I.A 4955/2020) of Hydric Farms Inputs Ltd. The RP of Rohtas Projects Limited claimed that the ex-directors of both Rohtas Projects Limited and Hydric Farms Inputs Ltd. colluded to defraud creditors, particularly real estate allottees of the 'Matrix Techno Square' project. The alleged fraud involved creating forged board resolutions and transferring units to related entities.
…Tribunal admitted the application filed by…
IRP issued a public announcement in Form-A,…