The case involves an application filed by the Resolution Professional (RP) of Raaj Internet India Private Limited, seeking the return/refund of Rs. 2,83,00,000 transferred from the Corporate Debtor on a preferential basis to related parties. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-09-19, and liquidation was ordered on 2021-03-24. The RP alleges that certain transactions between the Corporate Debtor and the respondents (R1 and R2) were preferential and without commercial basis. R1 was a director and R2 a shareholder of the Corporate Debtor.
The Resolution Professional (RP) of Raaj Internet India Private Limited filed an application seeking the return of Rs. 2,83,00,000, alleging it was transferred preferentially to related parties. The CIRP was initiated on 2018-09-19, followed by a liquidation order on 2021-03-24. Mr. Baskaran Sathya Prakash (R1) was a director from 2015-05-25 to 2017-08-01, and Mrs. Rathnamala (R2), his wife, was a shareholder. The RP claimed that Rs. 2.43 crore and Rs. 5.0 Lakh were transferred to R1 on 2017-08-02 and 2017-03-22, respectively, without commercial transactions. Additionally, Rs. 35.0 Lakh was transferred to R2 on various dates. R1 received a total remuneration of Rs. 1,20,00,000, with TDS deducted but not remitted. R2 provided an unsecured interest-free short-term loan
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Corporate Insolvency…
Liquidation was…
The case involves an application filed by the Resolution Professional (RP) of Raaj Internet India Private Limited, seeking the return/refund of Rs. 2,83,00,000 transferred from the Corporate Debtor on a preferential basis to related parties. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-09-19, and liquidation was ordered on 2021-03-24. The RP alleges that certain transactions between the Corporate Debtor and the respondents (R1 and R2) were preferential and without commercial basis. R1 was a director and R2 a shareholder of the Corporate Debtor.
The Resolution Professional (RP) of Raaj Internet India Private Limited filed an application seeking the return of Rs. 2,83,00,000, alleging it was transferred preferentially to related parties. The CIRP was initiated on 2018-09-19, followed by a liquidation order on 2021-03-24. Mr. Baskaran Sathya Prakash (R1) was a director from 2015-05-25 to 2017-08-01, and Mrs. Rathnamala (R2), his wife, was a shareholder. The RP claimed that Rs. 2.43 crore and Rs. 5.0 Lakh were transferred to R1 on 2017-08-02 and 2017-03-22, respectively, without commercial transactions. Additionally, Rs. 35.0 Lakh was transferred to R2 on various dates. R1 received a total remuneration of Rs. 1,20,00,000, with TDS deducted but not remitted. R2 provided an unsecured interest-free short-term loan
…Corporate Insolvency…
Liquidation was…