The case involves multiple applications (IA (IBC)/405/KOB/2022, IA (IBC)/325/KOB/2022, IA (IBC)/406/KOB/2022, IA (IBC)/333/KOB/2022, IA (IBC)/407/KOB/2022, IA (IBC)/324/KOB/2022) filed in relation to CP (IB) 20/KOB/2021 under Section 60 (5) of the IBC read with Rule 11 of the Insolvency and Bankruptcy Code, 2016. The applications primarily concern the acceptance of a Revised Transaction & Forensic Audit report of the corporate debtor, Periyar Agro Food Industries Pvt. Ltd. Applications IA (IBC) No.324/KOB/2022, IA (IBC) No/325/2022 and IA(IBC)No.333/KOB/2022 are filed for fraudulent transaction under Section 66 of IBC, avoidance of undervalued transaction under Section 45(1) and preferential transaction under Section 43 (1) respectively.
George Varkey, the Resolution Professional of Periyar Agro Food Industries Pvt. Ltd., filed applications seeking to admit a Revised Transaction & Forensic Audit report of the corporate debtor. The applications are filed under Section 60 (5) of IBC read with Rule 11 of the NCLT Rules, 2016. The applications IA (IBC) No.324/KOB/2022, IA (IBC) No/325/2022 and IA(IBC)No.333/KOB/2022 are filed for fraudulent transaction under Section 66 of IBC, avoidance of undervalued transaction under Section 45(1) and preferential transaction under Section 43 (1) respectively. The respondents, including Mohammed Riyaz and Abdul Marakkar, opposed the applications, arguing that the report was filed without COC approval, that the applicant did not adhere to the timeline fixed in
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The case involves multiple applications (IA (IBC)/405/KOB/2022, IA (IBC)/325/KOB/2022, IA (IBC)/406/KOB/2022, IA (IBC)/333/KOB/2022, IA (IBC)/407/KOB/2022, IA (IBC)/324/KOB/2022) filed in relation to CP (IB) 20/KOB/2021 under Section 60 (5) of the IBC read with Rule 11 of the Insolvency and Bankruptcy Code, 2016. The applications primarily concern the acceptance of a Revised Transaction & Forensic Audit report of the corporate debtor, Periyar Agro Food Industries Pvt. Ltd. Applications IA (IBC) No.324/KOB/2022, IA (IBC) No/325/2022 and IA(IBC)No.333/KOB/2022 are filed for fraudulent transaction under Section 66 of IBC, avoidance of undervalued transaction under Section 45(1) and preferential transaction under Section 43 (1) respectively.
George Varkey, the Resolution Professional of Periyar Agro Food Industries Pvt. Ltd., filed applications seeking to admit a Revised Transaction & Forensic Audit report of the corporate debtor. The applications are filed under Section 60 (5) of IBC read with Rule 11 of the NCLT Rules, 2016. The applications IA (IBC) No.324/KOB/2022, IA (IBC) No/325/2022 and IA(IBC)No.333/KOB/2022 are filed for fraudulent transaction under Section 66 of IBC, avoidance of undervalued transaction under Section 45(1) and preferential transaction under Section 43 (1) respectively. The respondents, including Mohammed Riyaz and Abdul Marakkar, opposed the applications, arguing that the report was filed without COC approval, that the applicant did not adhere to the timeline fixed in
…Corporate debtors changed their version and…
The Corporate…