The case involves an application filed by Pooja Bahry, the Resolution Professional (RP) of NTL Electronics India Private Limited (Corporate Debtor), under Sections 43, 44, 45, 46, 66, and 67 of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP seeks to avoid certain preferential transactions, undervalued transactions, and fraudulent or wrongful trading allegedly undertaken by the Corporate Debtor before the insolvency commencement date. The application identifies several respondents, including Mr. Praveen Gupta, Mr. Arun Gupta, and various companies, who allegedly benefited from these transactions. The RP's investigation, based on a Transaction Auditor Report (TAR), revealed that the Corporate Debtor made repayments/transfers to related and non-related parties,
…NTL Electronics India Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-27. Pooja Bahry was appointed as the Resolution Professional (RP). The RP appointed Pipara & Co. as the Transaction Auditor to review the Corporate Debtor's books and records from 2016-04-01 to 2019-08-27. The Transaction Auditor Report (TAR) revealed that the Corporate Debtor had undertaken certain transactions that fell within the scope of preferential transactions, undervalued transactions, and fraudulent/wrongful trading. The Corporate Debtor had a payable balance of INR 4,10,00,000 as on 2017-08-27 towards unsecured loan given by Mr. Praveen Gupta (Respondent No. 1). This balance increased to INR 17,41,12,032 as on 2019-07-30.
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Corporate Insolvency…
The Hon'ble Adjudicating Authority appointed the…
The case involves an application filed by Pooja Bahry, the Resolution Professional (RP) of NTL Electronics India Private Limited (Corporate Debtor), under Sections 43, 44, 45, 46, 66, and 67 of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP seeks to avoid certain preferential transactions, undervalued transactions, and fraudulent or wrongful trading allegedly undertaken by the Corporate Debtor before the insolvency commencement date. The application identifies several respondents, including Mr. Praveen Gupta, Mr. Arun Gupta, and various companies, who allegedly benefited from these transactions. The RP's investigation, based on a Transaction Auditor Report (TAR), revealed that the Corporate Debtor made repayments/transfers to related and non-related parties,
…NTL Electronics India Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-27. Pooja Bahry was appointed as the Resolution Professional (RP). The RP appointed Pipara & Co. as the Transaction Auditor to review the Corporate Debtor's books and records from 2016-04-01 to 2019-08-27. The Transaction Auditor Report (TAR) revealed that the Corporate Debtor had undertaken certain transactions that fell within the scope of preferential transactions, undervalued transactions, and fraudulent/wrongful trading. The Corporate Debtor had a payable balance of INR 4,10,00,000 as on 2017-08-27 towards unsecured loan given by Mr. Praveen Gupta (Respondent No. 1). This balance increased to INR 17,41,12,032 as on 2019-07-30.
…Corporate Insolvency…
The Hon'ble Adjudicating Authority appointed the…