The Resolution Professional (RP) filed an application (IA No. 879 of 2019) against the suspended Board of Directors (Respondents No. 1 & 2) of Parikh Fabrics Pvt Ltd, the Corporate Debtor (CD). The RP sought orders to vest transferred property (cash) into the CD, repayment of benefits received from the CD, restoration of the pre-transaction position, protection of creditors' interests, and contribution from directors/related parties to the CD's assets. The application was based on findings of preferential, undervalued, and fraudulent transactions identified by Forensic and Transaction Auditors. The CD was admitted into CIRP on 2019-02-08. The RP opined that the CD had been subjected to transactions covered under Sections 43, 45, 50, and 66 of the IBC, 2016.
The Corporate Debtor (Parikh Fabrics Pvt Ltd) was admitted into CIRP on 2019-02-08. The Resolution Professional (RP) filed an application (IA No. 879 of 2019) seeking orders related to preferential, undervalued, and fraudulent transactions. The RP relied on Forensic and Transaction Audit Reports. The RP identified several transactions, including: Transfer of Rs.2,41,58,975/- to Ankith & Co. (related party) during FY 2017-18, Transfer of Raw Material-Yarn valued at Rs.2,80,00,000/- to a generic account on 2018-03-31, Adjustments to related parties through Ankith & Co. amounting to Rs.1,86,47,654, Adjustment against liability created under OTS amounting to Rs.19,11,320, Creation of receivables amounting to Rs.36,00,001, Share application money amounting to
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The Corporate Debtor…
First CoC meeting was…
The Resolution Professional (RP) filed an application (IA No. 879 of 2019) against the suspended Board of Directors (Respondents No. 1 & 2) of Parikh Fabrics Pvt Ltd, the Corporate Debtor (CD). The RP sought orders to vest transferred property (cash) into the CD, repayment of benefits received from the CD, restoration of the pre-transaction position, protection of creditors' interests, and contribution from directors/related parties to the CD's assets. The application was based on findings of preferential, undervalued, and fraudulent transactions identified by Forensic and Transaction Auditors. The CD was admitted into CIRP on 2019-02-08. The RP opined that the CD had been subjected to transactions covered under Sections 43, 45, 50, and 66 of the IBC, 2016.
The Corporate Debtor (Parikh Fabrics Pvt Ltd) was admitted into CIRP on 2019-02-08. The Resolution Professional (RP) filed an application (IA No. 879 of 2019) seeking orders related to preferential, undervalued, and fraudulent transactions. The RP relied on Forensic and Transaction Audit Reports. The RP identified several transactions, including: Transfer of Rs.2,41,58,975/- to Ankith & Co. (related party) during FY 2017-18, Transfer of Raw Material-Yarn valued at Rs.2,80,00,000/- to a generic account on 2018-03-31, Adjustments to related parties through Ankith & Co. amounting to Rs.1,86,47,654, Adjustment against liability created under OTS amounting to Rs.19,11,320, Creation of receivables amounting to Rs.36,00,001, Share application money amounting to
…The Corporate Debtor…
First CoC meeting was…