The case involves an application (I.A 539 of 2022) filed by the Resolution Professional (RP) of Mylari Agro Products Limited, seeking to declare certain agreements entered into by the former directors of the Corporate Debtor (Mr. Mahesh and Mr. Vaddarahally Puttaswamygowda Prakash) with Shree Sai Marketing (SSM) and RVI Enterprises as null and void. These agreements, a consignment forwarding agents agreement and a distribution agreement, were entered into after the initiation of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The RP contends that the former directors had no authority to enter into these agreements and that the respondents received payments directly from SSM and RVI Enterprises, which were not credited to the Corporate
…The Corporate Insolvency Resolution Process (CIRP) of Mylari Agro Products Limited was initiated on 08.03.2021. After the initiation of CIRP, the former directors of the Corporate Debtor, Mr. Mahesh and Mr. Vaddarahally Puttaswamygowda Prakash, entered into a consignment agreement with Shree Sai Marketing (SSM) on 19.03.2021 and a distribution agreement with RVI Enterprises on 09.04.2021. Shree Sai Marketing made a claim for a refund of Rs. 21,64,445 from the Corporate Debtor, stating that the Corporate Debtor had already received Rs. 15,64,445 in advance. RVI Enterprises also made a claim for Rs. 10 Lakh, stating it was paid to the Corporate Debtor as a security deposit. These amounts were not credited to the Corporate Debtor's accounts but were allegedly received
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The case involves an application (I.A 539 of 2022) filed by the Resolution Professional (RP) of Mylari Agro Products Limited, seeking to declare certain agreements entered into by the former directors of the Corporate Debtor (Mr. Mahesh and Mr. Vaddarahally Puttaswamygowda Prakash) with Shree Sai Marketing (SSM) and RVI Enterprises as null and void. These agreements, a consignment forwarding agents agreement and a distribution agreement, were entered into after the initiation of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The RP contends that the former directors had no authority to enter into these agreements and that the respondents received payments directly from SSM and RVI Enterprises, which were not credited to the Corporate
…The Corporate Insolvency Resolution Process (CIRP) of Mylari Agro Products Limited was initiated on 08.03.2021. After the initiation of CIRP, the former directors of the Corporate Debtor, Mr. Mahesh and Mr. Vaddarahally Puttaswamygowda Prakash, entered into a consignment agreement with Shree Sai Marketing (SSM) on 19.03.2021 and a distribution agreement with RVI Enterprises on 09.04.2021. Shree Sai Marketing made a claim for a refund of Rs. 21,64,445 from the Corporate Debtor, stating that the Corporate Debtor had already received Rs. 15,64,445 in advance. RVI Enterprises also made a claim for Rs. 10 Lakh, stating it was paid to the Corporate Debtor as a security deposit. These amounts were not credited to the Corporate Debtor's accounts but were allegedly received
…Mention of th…
CIRP initiated for…