The application IA-1927/2021 was filed on 2021-07-16 by the Resolution Professional under Section 43, 47, and 66 of the Insolvency & Bankruptcy Code, 2016, concerning certain transactions of the Corporate Debtor. The RP sought orders regarding administrative and licensing charges, loans to related parties, foreclosure of loans, routing of interest on fixed deposits, squaring off amounts via bank guarantees, cash transactions with Ornate Developers, shifting of unsecured loans to booking advances, and investment in Aryan Spaces. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2020-06-29, and the applicant was appointed as IRP. The applicant, after reviewing the financials, believed certain transactions fell under PUFE
…The Resolution Professional filed an application seeking orders under Sections 43, 47, and 66 of the IBC concerning several transactions. These included: (a) Spending of Rs. 8.09 crores on administrative and licensing charges without supporting documentation; (b) Loans of Rs. 116.26 crores to related parties; (c) Foreclosure of loans by transferring them from unrelated to related parties amounting to Rs. 16.24 crores; (d) Routing of Rs. 2.10 crores of interest on fixed deposits; (e) Squaring off Rs. 27 crores via bank guarantee invocation; (f) Cash transactions of Rs. 5.75 crores with Ornate Developers; (g) Shifting of Rs. 44.27 crores of unsecured loans to booking advances for 'Grove Towers'; (h) Investment of Rs. 1.20 crores in Aryan Spaces. The Corporate Insolvency
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Application IA-1927/2021…
Corporate Insolvency…
The application IA-1927/2021 was filed on 2021-07-16 by the Resolution Professional under Section 43, 47, and 66 of the Insolvency & Bankruptcy Code, 2016, concerning certain transactions of the Corporate Debtor. The RP sought orders regarding administrative and licensing charges, loans to related parties, foreclosure of loans, routing of interest on fixed deposits, squaring off amounts via bank guarantees, cash transactions with Ornate Developers, shifting of unsecured loans to booking advances, and investment in Aryan Spaces. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2020-06-29, and the applicant was appointed as IRP. The applicant, after reviewing the financials, believed certain transactions fell under PUFE
…The Resolution Professional filed an application seeking orders under Sections 43, 47, and 66 of the IBC concerning several transactions. These included: (a) Spending of Rs. 8.09 crores on administrative and licensing charges without supporting documentation; (b) Loans of Rs. 116.26 crores to related parties; (c) Foreclosure of loans by transferring them from unrelated to related parties amounting to Rs. 16.24 crores; (d) Routing of Rs. 2.10 crores of interest on fixed deposits; (e) Squaring off Rs. 27 crores via bank guarantee invocation; (f) Cash transactions of Rs. 5.75 crores with Ornate Developers; (g) Shifting of Rs. 44.27 crores of unsecured loans to booking advances for 'Grove Towers'; (h) Investment of Rs. 1.20 crores in Aryan Spaces. The Corporate Insolvency
…Application IA-1927/2021…
Corporate Insolvency…