This is an application IA 430/2023 filed by the Resolution Professional of New Empire Textile Processor Private Limited, the Corporate Debtor, under Section 66 of the Insolvency & Bankruptcy Code, 2016, seeking reliefs against the Respondents. The CIRP was initiated in terms of C.P. No. 1981 (IB)/MB/2019. The Resolution Professional alleges fraudulent transactions entered into between the Respondents, specifically the transfer/sale of residential flats and subsequent routing of funds. The Corporate Debtor is involved in spinning, weaving, and finishing of textiles. The Tribunal admitted the Corporate Debtor pursuant to Petition u/s Section 9 of the Code on August 26, 2019, and appointed an Interim Resolution Professional, who then constituted a Committee of Creditors.
The Corporate Debtor, New Empire Textile Processor Private Limited, underwent CIRP initiated in 2019. The Resolution Professional filed an application IA 430/2023 under Section 66 of the IBC alleging fraudulent transactions. Mr. Kiran Mehta and Mr. Atul Vikram Mehta, suspended directors, are Respondents 1 & 2. Mrs. Sangeeta Jatinder Mehta, sister-in-law of Mr. Kiran Mehta, is Respondent 3. Mr. Divyank Jatinder Mehta, nephew of Mr. Kiran Mehta, is Respondent 4. M/s. Ayush Dye Chem and M/s. Vinod Chemicals, proprietary concerns of Mr. Dinesh Vani, are Respondents 5 & 6. Sangeeta Tex Dyes P. Ltd. is Respondent 7. The Resolution Professional alleges that the Corporate Debtor fraudulently transferred four immoveable properties. Flat No. 903 was transferred to Mrs.
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Corporate Insolvency Resolution Process…
Tribunal admitted the…
This is an application IA 430/2023 filed by the Resolution Professional of New Empire Textile Processor Private Limited, the Corporate Debtor, under Section 66 of the Insolvency & Bankruptcy Code, 2016, seeking reliefs against the Respondents. The CIRP was initiated in terms of C.P. No. 1981 (IB)/MB/2019. The Resolution Professional alleges fraudulent transactions entered into between the Respondents, specifically the transfer/sale of residential flats and subsequent routing of funds. The Corporate Debtor is involved in spinning, weaving, and finishing of textiles. The Tribunal admitted the Corporate Debtor pursuant to Petition u/s Section 9 of the Code on August 26, 2019, and appointed an Interim Resolution Professional, who then constituted a Committee of Creditors.
The Corporate Debtor, New Empire Textile Processor Private Limited, underwent CIRP initiated in 2019. The Resolution Professional filed an application IA 430/2023 under Section 66 of the IBC alleging fraudulent transactions. Mr. Kiran Mehta and Mr. Atul Vikram Mehta, suspended directors, are Respondents 1 & 2. Mrs. Sangeeta Jatinder Mehta, sister-in-law of Mr. Kiran Mehta, is Respondent 3. Mr. Divyank Jatinder Mehta, nephew of Mr. Kiran Mehta, is Respondent 4. M/s. Ayush Dye Chem and M/s. Vinod Chemicals, proprietary concerns of Mr. Dinesh Vani, are Respondents 5 & 6. Sangeeta Tex Dyes P. Ltd. is Respondent 7. The Resolution Professional alleges that the Corporate Debtor fraudulently transferred four immoveable properties. Flat No. 903 was transferred to Mrs.
…Corporate Insolvency Resolution Process…
Tribunal admitted the…