The Resolution Professional (RP) filed an application under Section 43(1) and 60(5)(C) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 35(A) of the IBBI (Insolvency Resolution of Corporate Persons) Regulations 2016 and Rule 11 of the NCLT Rules, 2016. The application sought directions for Respondents 1 and 2 to return amounts paid to them by Respondents 3 and 4, alleging these payments were preferential and should be available to other creditors. The CIRP was initiated on 2021-12-31. A transaction audit was conducted, revealing payments from 2020-03-16 to 2021-07-19 totaling Rs 16,08,221/- made by the Corporate Debtor to Jomer Properties & Investments Private Limited, a related company. Additionally, on 2020-09-28, Rs 40,000/- was paid to Merero
…The Corporate Debtor, ITMA Hotels India Pvt. Ltd., underwent CIRP initiated on 2021-12-31. The Resolution Professional (RP) discovered certain transactions that appeared to be preferential in nature. A transaction audit revealed that between 2020-03-16 and 2021-07-19, the Corporate Debtor made payments totaling Rs 16,08,221/- to Jomer Properties & Investments Private Limited, a related party. Additionally, on 2020-09-28, a sum of Rs 40,000/- was paid to Merero Hotels and Resorts Pvt Ltd, also a related party. Jomer Properties & Investments Private Limited and Merero Hotels and Resorts Pvt Ltd are related parties to the Corporate Debtor, with common directors (Jose MM and Merin Jose). The RP argued that these payments were preferential transactions under Section
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Corporate Debtor was…
The CoC in its 3rd…
The Resolution Professional (RP) filed an application under Section 43(1) and 60(5)(C) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 35(A) of the IBBI (Insolvency Resolution of Corporate Persons) Regulations 2016 and Rule 11 of the NCLT Rules, 2016. The application sought directions for Respondents 1 and 2 to return amounts paid to them by Respondents 3 and 4, alleging these payments were preferential and should be available to other creditors. The CIRP was initiated on 2021-12-31. A transaction audit was conducted, revealing payments from 2020-03-16 to 2021-07-19 totaling Rs 16,08,221/- made by the Corporate Debtor to Jomer Properties & Investments Private Limited, a related company. Additionally, on 2020-09-28, Rs 40,000/- was paid to Merero
…The Corporate Debtor, ITMA Hotels India Pvt. Ltd., underwent CIRP initiated on 2021-12-31. The Resolution Professional (RP) discovered certain transactions that appeared to be preferential in nature. A transaction audit revealed that between 2020-03-16 and 2021-07-19, the Corporate Debtor made payments totaling Rs 16,08,221/- to Jomer Properties & Investments Private Limited, a related party. Additionally, on 2020-09-28, a sum of Rs 40,000/- was paid to Merero Hotels and Resorts Pvt Ltd, also a related party. Jomer Properties & Investments Private Limited and Merero Hotels and Resorts Pvt Ltd are related parties to the Corporate Debtor, with common directors (Jose MM and Merin Jose). The RP argued that these payments were preferential transactions under Section
…Corporate Debtor was…
The CoC in its 3rd…