The case involves an application filed by the Liquidator of IDEB Projects Private Limited, seeking a declaration that certain payments made by the Corporate Debtor to Respondent No. 3 (IDEB Grand Reality Pvt. Ltd.) constitute preferential transactions under Section 43 of the Insolvency and Bankruptcy Code, 2016 (IBC). The liquidator contends that these payments, totaling Rs. 7,23,61,260/-, were made to settle debts owed to a related party, thereby violating the provisions of the IBC. The respondents, including the former directors of the Corporate Debtor, opposed the application, arguing that the payments were made in the ordinary course of business and pursuant to a settlement deed. The applicant appointed M/s. M M Reddy & Co. Chartered Accountants to carry out
…IDEB Projects Private Limited (the Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation. The Liquidator identified certain transactions as potentially preferential under Section 43 of the IBC. Specifically, the Corporate Debtor made payments totaling Rs. 7,23,61,260/- to IDEB Grand Reality Pvt. Ltd. (Respondent No. 3) between January 2018 and April 2018. IDEB Grand Reality Pvt. Ltd. was a related party to the Corporate Debtor for a portion of this period, as the directors of the Corporate Debtor were also shareholders of Respondent No. 3. The shareholding was transferred on 31.03.2018. The Liquidator argued that these payments were made to settle debts owed to Respondent No. 3, giving them a preferential position over
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Settlement reached…
Corporate Debtor…
The case involves an application filed by the Liquidator of IDEB Projects Private Limited, seeking a declaration that certain payments made by the Corporate Debtor to Respondent No. 3 (IDEB Grand Reality Pvt. Ltd.) constitute preferential transactions under Section 43 of the Insolvency and Bankruptcy Code, 2016 (IBC). The liquidator contends that these payments, totaling Rs. 7,23,61,260/-, were made to settle debts owed to a related party, thereby violating the provisions of the IBC. The respondents, including the former directors of the Corporate Debtor, opposed the application, arguing that the payments were made in the ordinary course of business and pursuant to a settlement deed. The applicant appointed M/s. M M Reddy & Co. Chartered Accountants to carry out
…IDEB Projects Private Limited (the Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation. The Liquidator identified certain transactions as potentially preferential under Section 43 of the IBC. Specifically, the Corporate Debtor made payments totaling Rs. 7,23,61,260/- to IDEB Grand Reality Pvt. Ltd. (Respondent No. 3) between January 2018 and April 2018. IDEB Grand Reality Pvt. Ltd. was a related party to the Corporate Debtor for a portion of this period, as the directors of the Corporate Debtor were also shareholders of Respondent No. 3. The shareholding was transferred on 31.03.2018. The Liquidator argued that these payments were made to settle debts owed to Respondent No. 3, giving them a preferential position over
…Settlement reached…
Corporate Debtor…