The Applicant filed an application impugning certain transactions for avoidance under the Insolvency and Bankruptcy Code, 2016. The Liquidator sought clarifications from the Resolution Professional regarding transactions between the Corporate Debtor and other entities, including preferential, undervalued, and fraudulent transactions. The Liquidator stated that the Avoidance Application has legal flaws due to inconclusive findings and that it is not feasible to pursue the application on merits. The Transaction Audit Report questioned preferential transactions with Kaatyaayini Exports, Cupro Tubes Enterprises Private Limited, and Vienna Metals Trading FZC. It also identified undervalued transactions related to Cupro Tubes Enterprises and Trafigura India Pvt. Ltd., as
…Mr. Devang Sampat, the Resolution Professional (RP) of Nicomet Industries Limited, filed an application to impugn certain transactions as preferential, undervalued, or fraudulent under the Insolvency and Bankruptcy Code, 2016 (IBC). The RP relied on a Transaction Audit Report that identified several transactions of concern. Kaatyaayini Exports, a related party, received advances exceeding purchases, and amounts were adjusted against payments to suspended promoters. Cupro Tubes Enterprises Private Limited (CTEPL) engaged in high sea sales and purchases with Nicomet, with stock located at CTEPL's factory. Vienna Metals Trading FZC had a significant amount written off. Journal entries were flagged for setting off amounts payable to creditors against receivables from
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The Applicant filed an application impugning certain transactions for avoidance under the Insolvency and Bankruptcy Code, 2016. The Liquidator sought clarifications from the Resolution Professional regarding transactions between the Corporate Debtor and other entities, including preferential, undervalued, and fraudulent transactions. The Liquidator stated that the Avoidance Application has legal flaws due to inconclusive findings and that it is not feasible to pursue the application on merits. The Transaction Audit Report questioned preferential transactions with Kaatyaayini Exports, Cupro Tubes Enterprises Private Limited, and Vienna Metals Trading FZC. It also identified undervalued transactions related to Cupro Tubes Enterprises and Trafigura India Pvt. Ltd., as
…Mr. Devang Sampat, the Resolution Professional (RP) of Nicomet Industries Limited, filed an application to impugn certain transactions as preferential, undervalued, or fraudulent under the Insolvency and Bankruptcy Code, 2016 (IBC). The RP relied on a Transaction Audit Report that identified several transactions of concern. Kaatyaayini Exports, a related party, received advances exceeding purchases, and amounts were adjusted against payments to suspended promoters. Cupro Tubes Enterprises Private Limited (CTEPL) engaged in high sea sales and purchases with Nicomet, with stock located at CTEPL's factory. Vienna Metals Trading FZC had a significant amount written off. Journal entries were flagged for setting off amounts payable to creditors against receivables from
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Filing of C.…