The case involves an application filed by the Resolution Professional (RP) under Section 25(2)(j) r/w Sections 43, 44, 45, and 48 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking orders related to preferential, undervalued, and fraudulent transactions allegedly conducted by the Corporate Debtor. The RP sought cognizance of these transactions, penalties for the respondents, directions for restoring misappropriated amounts, and other appropriate orders. The application was filed in the context of the Corporate Insolvency Resolution Process (CIRP) initiated against Perfact Color Digital Prints Private Limited.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Perfact Color Digital Prints Private Limited on 2019-12-09. Mr. Shashi Bhushan Prasad was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Harish Taneja. The RP identified certain transactions as potentially preferential or undervalued. Specifically, a payment of Rs. 6,50,000 was made to Ms. Mansi Arya, daughter of the directors, and the disposal of vehicles was considered undervalued. The RP argued that these transactions violated Sections 43 and 45 of the IBC. The respondents, including Mr. Ashwani Arya, Mrs. Divya Arya, and Ms. Mansi Arya, contested these claims, stating that the payment to Ms. Arya was for restoring electricity supply, an essential
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Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…
The case involves an application filed by the Resolution Professional (RP) under Section 25(2)(j) r/w Sections 43, 44, 45, and 48 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking orders related to preferential, undervalued, and fraudulent transactions allegedly conducted by the Corporate Debtor. The RP sought cognizance of these transactions, penalties for the respondents, directions for restoring misappropriated amounts, and other appropriate orders. The application was filed in the context of the Corporate Insolvency Resolution Process (CIRP) initiated against Perfact Color Digital Prints Private Limited.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Perfact Color Digital Prints Private Limited on 2019-12-09. Mr. Shashi Bhushan Prasad was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Harish Taneja. The RP identified certain transactions as potentially preferential or undervalued. Specifically, a payment of Rs. 6,50,000 was made to Ms. Mansi Arya, daughter of the directors, and the disposal of vehicles was considered undervalued. The RP argued that these transactions violated Sections 43 and 45 of the IBC. The respondents, including Mr. Ashwani Arya, Mrs. Divya Arya, and Ms. Mansi Arya, contested these claims, stating that the payment to Ms. Arya was for restoring electricity supply, an essential
…Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…