The case involves an application filed by the Interim Resolution Professional (IRP) of Neptune Ventures and Developers Private Limited against its suspended directors. The IRP sought directions for the suspended directors to refund amounts totaling Rs. 5,91,41,405, which were allegedly transferred from the corporate debtor's bank accounts after the commencement of the Corporate Insolvency Resolution Process (CIRP) and declaration of moratorium. The IRP argued that these transfers violated Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The suspended directors contended that the amounts represented debts owed to homebuyers and operational creditors, and the instruments (cheques, etc.) were issued before the insolvency commencement date.
Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) for Neptune Ventures and Developers Private Limited on 2023-07-17. Sandeep Mahajan was appointed as the Interim Resolution Professional (IRP). Following the commencement of CIRP, the IRP discovered that amounts totaling Rs. 5,91,41,405 were transferred from the corporate debtor's bank accounts. These transfers occurred after the declaration of a moratorium under Section 14 of the IBC. The IRP sent emails to the suspended directors (Nayan Thakrashi Shah, Nayan Ashok Bheda, and Sachin Manohar Deshmukh) requesting the reversal of these transactions, but received no
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Neptune Ventures and Developers Private…
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The case involves an application filed by the Interim Resolution Professional (IRP) of Neptune Ventures and Developers Private Limited against its suspended directors. The IRP sought directions for the suspended directors to refund amounts totaling Rs. 5,91,41,405, which were allegedly transferred from the corporate debtor's bank accounts after the commencement of the Corporate Insolvency Resolution Process (CIRP) and declaration of moratorium. The IRP argued that these transfers violated Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. The suspended directors contended that the amounts represented debts owed to homebuyers and operational creditors, and the instruments (cheques, etc.) were issued before the insolvency commencement date.
Edelweiss Asset Reconstruction Company Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) for Neptune Ventures and Developers Private Limited on 2023-07-17. Sandeep Mahajan was appointed as the Interim Resolution Professional (IRP). Following the commencement of CIRP, the IRP discovered that amounts totaling Rs. 5,91,41,405 were transferred from the corporate debtor's bank accounts. These transfers occurred after the declaration of a moratorium under Section 14 of the IBC. The IRP sent emails to the suspended directors (Nayan Thakrashi Shah, Nayan Ashok Bheda, and Sachin Manohar Deshmukh) requesting the reversal of these transactions, but received no
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