The Liquidator of IDEB Projects Private Limited filed an IA (Interlocutory Application) against the Respondents under Section 43 and r/w 66 of the Insolvency and Bankruptcy Code, 2016, seeking a declaration that certain lease transactions with Respondents No.3 and 4, from which Respondent No.1 derived personal benefit, constitute preferential transactions under section 43 of the IBC. The application also sought an order directing Mr. H.S. Bedi (Respondent No.1) to transfer the amounts received by him pursuant to the lease agreements to the Applicant for the benefit of the corporate debtor.
IDEB Projects Private Limited is the Corporate Debtor. The Liquidator of the Corporate Debtor filed an IA against Harkirat Singh Bedi (Respondent No.1), Avneet Bedi (Respondent No.2), M/s. Furnituratti (Respondent No.3), and M/s. Design Craft (Respondent No.4). The Corporate Debtor owns a parcel of land admeasuring 43,147 sq.ft with a shed. The Corporate Debtor entered into a lease agreement with Respondent No.3 on 2012-09-27, leasing a portion of the Factory Property. Out of the total lease rent of Rs.37,500 per month, Rs.25,000 was paid to the Corporate Debtor, and Rs.12,500 was paid to Mr.H.S.Bedi in his personal capacity. Mr.H.S Bedi derived a monetary advantage of Rs. 12,04,560 from the commencement of the lease till end of September 2019. The Corporate Debtor
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Corporate debtor entered into a lease agreement…
Corporate debtor entered into a lease agreement…
The Liquidator of IDEB Projects Private Limited filed an IA (Interlocutory Application) against the Respondents under Section 43 and r/w 66 of the Insolvency and Bankruptcy Code, 2016, seeking a declaration that certain lease transactions with Respondents No.3 and 4, from which Respondent No.1 derived personal benefit, constitute preferential transactions under section 43 of the IBC. The application also sought an order directing Mr. H.S. Bedi (Respondent No.1) to transfer the amounts received by him pursuant to the lease agreements to the Applicant for the benefit of the corporate debtor.
IDEB Projects Private Limited is the Corporate Debtor. The Liquidator of the Corporate Debtor filed an IA against Harkirat Singh Bedi (Respondent No.1), Avneet Bedi (Respondent No.2), M/s. Furnituratti (Respondent No.3), and M/s. Design Craft (Respondent No.4). The Corporate Debtor owns a parcel of land admeasuring 43,147 sq.ft with a shed. The Corporate Debtor entered into a lease agreement with Respondent No.3 on 2012-09-27, leasing a portion of the Factory Property. Out of the total lease rent of Rs.37,500 per month, Rs.25,000 was paid to the Corporate Debtor, and Rs.12,500 was paid to Mr.H.S.Bedi in his personal capacity. Mr.H.S Bedi derived a monetary advantage of Rs. 12,04,560 from the commencement of the lease till end of September 2019. The Corporate Debtor
…Corporate debtor entered into a lease agreement…
Corporate debtor entered into a lease agreement…