The case involves an application by the Resolution Professional (RP) of Manor Floatel Ltd against its former directors, Mamba Pal and Shubha Pal, under Sections 43, 45, and 66 of the Insolvency and Bankruptcy Code, 2016. The RP sought adjudication on a forensic audit report, alleging avoidance transactions. The financial creditor had initiated CIRP against Manor Floatel Ltd under Section 7 of the I&B Code, which was admitted on 2018-01-10. The RP appointed a forensic auditor who identified potentially suspect transactions, including discrepancies in trade payables, trade receivables, and revenue booking.
The financial creditor initiated the Corporate Insolvency Resolution Process (CIRP) against Manor Floatel Ltd, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (I&B Code). The petition was admitted on January 10, 2018. During the CIRP, the Resolution Professional (RP) formed an opinion about the possibility of avoidance transactions and appointed a forensic auditor. The forensic auditor's report highlighted several observations involving avoidance transactions under Sections 43, 45, 50, and 66 of the I&B Code. The RP then filed an application seeking reliefs based on the forensic audit report. The report identified discrepancies between the audited financial statements and the data provided by the management, including differences in
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The Adjudicating Authority admitted the…
The successful resolution applicant issued a…
The case involves an application by the Resolution Professional (RP) of Manor Floatel Ltd against its former directors, Mamba Pal and Shubha Pal, under Sections 43, 45, and 66 of the Insolvency and Bankruptcy Code, 2016. The RP sought adjudication on a forensic audit report, alleging avoidance transactions. The financial creditor had initiated CIRP against Manor Floatel Ltd under Section 7 of the I&B Code, which was admitted on 2018-01-10. The RP appointed a forensic auditor who identified potentially suspect transactions, including discrepancies in trade payables, trade receivables, and revenue booking.
The financial creditor initiated the Corporate Insolvency Resolution Process (CIRP) against Manor Floatel Ltd, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (I&B Code). The petition was admitted on January 10, 2018. During the CIRP, the Resolution Professional (RP) formed an opinion about the possibility of avoidance transactions and appointed a forensic auditor. The forensic auditor's report highlighted several observations involving avoidance transactions under Sections 43, 45, 50, and 66 of the I&B Code. The RP then filed an application seeking reliefs based on the forensic audit report. The report identified discrepancies between the audited financial statements and the data provided by the management, including differences in
…The Adjudicating Authority admitted the…
The successful resolution applicant issued a…