This case involves an application (IA 1133/2022) filed by Mr. Sunil G. Kundnani against Mr. Pankaj Shyam Joshi in the matter of KGS Sugar & Infra Corporation Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant seeks to be excluded as a respondent in IA 1444/2021, summoning of the instant respondent U/rule 39 of NCLT rules, initiating proceedings U/s 424(4) of the Companies Act r/w Sec 340 of Cr PC, and appropriate reliefs in terms of prayer clause/s 'a to c and such other directions given the factual matrix/circumstances of the present matter. The respondent filed an affidavit stating that an Order issuing a Show Cause Notice has serious consequences, and the same necessarily has to be based on reasons qua the
…Mr. Sunil G. Kundnani filed IA 1133/2022 seeking to be excluded as a respondent in IA 1444/2021, which pertains to allegations of fraudulent transactions against KGS Sugar & Infra Corporation Limited (Corporate Debtor). Mr. Kundnani argues he is not a director or key managerial personnel. The respondent, Mr. Pankaj Shyam Joshi, contends that Mr. Kundnani was the auditor of the Corporate Debtor and its group companies, and his wife holds 1% shares in the Corporate Debtor. A forensic audit report identifies Mr. Kundnani as 'key personnel' due to his role as previous auditor and current CFO of the Corporate Debtor. The report also alleges that Mr. Kundnani was the auditor of related parties involved in round tripping of funds. The Committee of Creditors (CoC)
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This case involves an application (IA 1133/2022) filed by Mr. Sunil G. Kundnani against Mr. Pankaj Shyam Joshi in the matter of KGS Sugar & Infra Corporation Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant seeks to be excluded as a respondent in IA 1444/2021, summoning of the instant respondent U/rule 39 of NCLT rules, initiating proceedings U/s 424(4) of the Companies Act r/w Sec 340 of Cr PC, and appropriate reliefs in terms of prayer clause/s 'a to c and such other directions given the factual matrix/circumstances of the present matter. The respondent filed an affidavit stating that an Order issuing a Show Cause Notice has serious consequences, and the same necessarily has to be based on reasons qua the
…Mr. Sunil G. Kundnani filed IA 1133/2022 seeking to be excluded as a respondent in IA 1444/2021, which pertains to allegations of fraudulent transactions against KGS Sugar & Infra Corporation Limited (Corporate Debtor). Mr. Kundnani argues he is not a director or key managerial personnel. The respondent, Mr. Pankaj Shyam Joshi, contends that Mr. Kundnani was the auditor of the Corporate Debtor and its group companies, and his wife holds 1% shares in the Corporate Debtor. A forensic audit report identifies Mr. Kundnani as 'key personnel' due to his role as previous auditor and current CFO of the Corporate Debtor. The report also alleges that Mr. Kundnani was the auditor of related parties involved in round tripping of funds. The Committee of Creditors (CoC)
…The matter is…
At the 1st Committee of Creditors (CoC) meeting…