The case involves an application filed by the Resolution Professional (RP) of M/s Maximum Synthetics Pvt. Ltd. ('Corporate Debtor') under Section 43 of the Insolvency and Bankruptcy Code, 2016 ('IBC') to declare certain transactions as preferential and seek directions for reversing them. The Adjudicating Authority had admitted an application filed by M/s Reliance Commercial Finance Limited, Financial Creditor under Section 7 of the Code for initiating Corporate Insolvency Resolution Process ('CIRP') against the Corporate Debtor. Subsequently, a liquidation order was passed, and the RP was appointed as the Liquidator. The RP, based on the transaction audit, identified certain transactions as preferential under Section 43 of the IBC.
M/s Reliance Commercial Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Maximum Synthetics Pvt. Ltd. under Section 7 of the IBC. Mr. Satyendra Prasad Khorania was appointed as the Resolution Professional (RP) and later as the Liquidator. The RP, based on Regulation 35A, opined that the Corporate Debtor's directors made preferential transactions under Section 43 of the IBC. M/s H Mittal & Co. conducted a transaction audit. The audit identified payments to Maxima Textiles (Rs. 39,03,400), BRC Fashions Pvt. Ltd. (Rs. 44,19,082), Suiting World (Rs. 20,84,500), Taruna Chandak (Rs. 1,00,000), and Kailash Chandak (Rs. 10,65,320). Maxima Textiles is a proprietorship of Shiv Ratan Chandak, who was also a director of the Corporate Debtor.
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The Adjudicating Authority admitted an…
The case involves an application filed by the Resolution Professional (RP) of M/s Maximum Synthetics Pvt. Ltd. ('Corporate Debtor') under Section 43 of the Insolvency and Bankruptcy Code, 2016 ('IBC') to declare certain transactions as preferential and seek directions for reversing them. The Adjudicating Authority had admitted an application filed by M/s Reliance Commercial Finance Limited, Financial Creditor under Section 7 of the Code for initiating Corporate Insolvency Resolution Process ('CIRP') against the Corporate Debtor. Subsequently, a liquidation order was passed, and the RP was appointed as the Liquidator. The RP, based on the transaction audit, identified certain transactions as preferential under Section 43 of the IBC.
M/s Reliance Commercial Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Maximum Synthetics Pvt. Ltd. under Section 7 of the IBC. Mr. Satyendra Prasad Khorania was appointed as the Resolution Professional (RP) and later as the Liquidator. The RP, based on Regulation 35A, opined that the Corporate Debtor's directors made preferential transactions under Section 43 of the IBC. M/s H Mittal & Co. conducted a transaction audit. The audit identified payments to Maxima Textiles (Rs. 39,03,400), BRC Fashions Pvt. Ltd. (Rs. 44,19,082), Suiting World (Rs. 20,84,500), Taruna Chandak (Rs. 1,00,000), and Kailash Chandak (Rs. 10,65,320). Maxima Textiles is a proprietorship of Shiv Ratan Chandak, who was also a director of the Corporate Debtor.
…The case was registered…
The Adjudicating Authority admitted an…