This case involves an application (IA No. 5197/2023) filed by Vijay P. Lulla, the Resolution Professional (RP) of Perpetual Capital & Servicing Private Limited, the Corporate Debtor, under Section 66 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 35A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016. The RP sought declarations and directions related to alleged fraudulent transactions undertaken by the respondents, including fraudulent changes in shareholding, siphoning off funds through subsidiaries, and misrepresentation of net worth to the financial creditor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 12.08.2022.
The Corporate Insolvency Resolution Process (CIRP) of Perpetual Capital & Servicing Private Limited was initiated on 12.08.2022. Vijay P. Lulla was appointed as the Resolution Professional (RP). The RP filed an application (IA No. 5197/2023) under Section 66 of the Insolvency and Bankruptcy Code, 2016, alleging fraudulent transactions. The RP contended that the respondents, including the directors, had been carrying out the business of the Corporate Debtor with an intent to defraud creditors. The alleged fraudulent transactions included a fraudulent change in shareholding, where shares pledged with the Financial Creditor were transferred without obtaining the creditor's permission. Religare Finvest Ltd., the Financial Creditor, had advanced a loan of Rs. 228 Crores
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This case involves an application (IA No. 5197/2023) filed by Vijay P. Lulla, the Resolution Professional (RP) of Perpetual Capital & Servicing Private Limited, the Corporate Debtor, under Section 66 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 35A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016. The RP sought declarations and directions related to alleged fraudulent transactions undertaken by the respondents, including fraudulent changes in shareholding, siphoning off funds through subsidiaries, and misrepresentation of net worth to the financial creditor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 12.08.2022.
The Corporate Insolvency Resolution Process (CIRP) of Perpetual Capital & Servicing Private Limited was initiated on 12.08.2022. Vijay P. Lulla was appointed as the Resolution Professional (RP). The RP filed an application (IA No. 5197/2023) under Section 66 of the Insolvency and Bankruptcy Code, 2016, alleging fraudulent transactions. The RP contended that the respondents, including the directors, had been carrying out the business of the Corporate Debtor with an intent to defraud creditors. The alleged fraudulent transactions included a fraudulent change in shareholding, where shares pledged with the Financial Creditor were transferred without obtaining the creditor's permission. Religare Finvest Ltd., the Financial Creditor, had advanced a loan of Rs. 228 Crores
…The Tribunal passed an Order initiating the…
Mr. Vijay P. Lulla was appointed as the…