The case involves an application filed by the Resolution Professional (RP) of Meena Jewellers Private Limited (Corporate Debtor) under Sections 118, 128, and 213 of the Companies Act, 2013, and Section 66(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The RP sought recovery of amounts illegally paid to Respondents 3 & 4, recovery of diverted stocks, investigation into the affairs of the Corporate Debtor, and orders for violation of provisions of Sections 118 and 128 of the Companies Act, 2013. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 26.11.2019, and Mr. KV Srinivas was appointed as the RP. Subsequently, a forensic audit was conducted, and the Corporate Debtor was put into
…The State Bank of India (SBI) extended financial facilities to Meena Jewellers Private Limited (Corporate Debtor). The Corporate Debtor defaulted on payments, leading SBI to declare the account as Non-Performing Asset (NPA) on 27.09.2016. The Resolution Professional (RP) appointed after the initiation of Corporate Insolvency Resolution Process (CIRP) found no records at the Corporate Debtor's registered office. The RP requested information from the suspended management (Respondents 1 & 2), but they did not provide any documents. A forensic audit revealed that the Corporate Debtor's sales were not routed through the designated Cash Credit Account, and negligible bank receipts were reported. The inventory was improperly valued, and the diamond stock was undervalued.
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State Bank of India…
The Corporate Debtor…
The case involves an application filed by the Resolution Professional (RP) of Meena Jewellers Private Limited (Corporate Debtor) under Sections 118, 128, and 213 of the Companies Act, 2013, and Section 66(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The RP sought recovery of amounts illegally paid to Respondents 3 & 4, recovery of diverted stocks, investigation into the affairs of the Corporate Debtor, and orders for violation of provisions of Sections 118 and 128 of the Companies Act, 2013. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 26.11.2019, and Mr. KV Srinivas was appointed as the RP. Subsequently, a forensic audit was conducted, and the Corporate Debtor was put into
…The State Bank of India (SBI) extended financial facilities to Meena Jewellers Private Limited (Corporate Debtor). The Corporate Debtor defaulted on payments, leading SBI to declare the account as Non-Performing Asset (NPA) on 27.09.2016. The Resolution Professional (RP) appointed after the initiation of Corporate Insolvency Resolution Process (CIRP) found no records at the Corporate Debtor's registered office. The RP requested information from the suspended management (Respondents 1 & 2), but they did not provide any documents. A forensic audit revealed that the Corporate Debtor's sales were not routed through the designated Cash Credit Account, and negligible bank receipts were reported. The inventory was improperly valued, and the diamond stock was undervalued.
…State Bank of India…
The Corporate Debtor…