The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted IB-556/ND/2020 and appointed Late Navjit Singh as the Interim Resolution Professional (IRP). Subsequently, the NCLAT set aside the order passed by the Adjudicating Authority, leading to the cessation of the RP's appointment. The RP transferred a significant amount from the Corporate Debtor's (CD) CIRP account to his personal account. The court expresses strong disapproval of the IRP's conduct.
On 2021-10-13, the Adjudicating Authority admitted IB-556/ND/2020 and appointed Late Navjit Singh as IRP. On 2022-05-09, the NCLAT set aside the order. On 2022-05-11, Late Navjit Singh transferred Rs. 34,67,162.33 from the CIRP account of the CD to his personal account. The court found this transfer fraudulent. The IRP has since passed away. IA-2085/2022 was filed by the erstwhile RP, who has since passed away, and there is no application for substitution of any LR for the Applicant. IA-2688/2022 is related to IA-3571/2022.
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The Adjudicating…
The NCLAT set aside the…
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The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted IB-556/ND/2020 and appointed Late Navjit Singh as the Interim Resolution Professional (IRP). Subsequently, the NCLAT set aside the order passed by the Adjudicating Authority, leading to the cessation of the RP's appointment. The RP transferred a significant amount from the Corporate Debtor's (CD) CIRP account to his personal account. The court expresses strong disapproval of the IRP's conduct.
On 2021-10-13, the Adjudicating Authority admitted IB-556/ND/2020 and appointed Late Navjit Singh as IRP. On 2022-05-09, the NCLAT set aside the order. On 2022-05-11, Late Navjit Singh transferred Rs. 34,67,162.33 from the CIRP account of the CD to his personal account. The court found this transfer fraudulent. The IRP has since passed away. IA-2085/2022 was filed by the erstwhile RP, who has since passed away, and there is no application for substitution of any LR for the Applicant. IA-2688/2022 is related to IA-3571/2022.
The Adjudicating…
The NCLAT set aside the…
Sign in to view related legal provisions.