The case involves an application filed by the Resolution Professional (RP) under Section 43(1) r/w 44(1) and 66 of the Insolvency & Bankruptcy Code, 2016, seeking a declaration that a transaction is either a preferential or fraudulent transaction. The Corporate Insolvency Resolution Process (CIRP) was initiated against Radiance Properties (India) Pvt. Ltd. on 26.11.2021, and the RP was appointed to manage the process. During the CIRP, an amount of Rs. 52,50,000/- was transferred from the Corporate Debtor's account to Nexus Central Lab Services Pvt. Ltd. on 11.05.2021.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Radiance Properties (India) Pvt. Ltd. on 26.11.2021. Anuj Bajpai was appointed as the Resolution Professional (RP). During the CIRP, on 11.05.2021, an amount of Rs. 52,50,000/- was transferred from the Corporate Debtor's account to Nexus Central Lab Services Pvt. Ltd. This payment was made at the behest of Pratibha Ramesh Patel (Respondent) towards the purchase of an Audi Q7. The Audi Q7 was registered in the name of Pratibha Ramesh Patel. Upon reviewing the Corporate Debtor's bank statement on 15.03.2022, the RP discovered the transaction and contacted Nexus Labs. Nexus Labs confirmed on 16.03.2022 that the payment was for the sale of the Audi Q7 and provided a copy of the Registration
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Corporate Insolvency Resolution Process…
Rs. 52,50,000/- transferred from Corporate…
The case involves an application filed by the Resolution Professional (RP) under Section 43(1) r/w 44(1) and 66 of the Insolvency & Bankruptcy Code, 2016, seeking a declaration that a transaction is either a preferential or fraudulent transaction. The Corporate Insolvency Resolution Process (CIRP) was initiated against Radiance Properties (India) Pvt. Ltd. on 26.11.2021, and the RP was appointed to manage the process. During the CIRP, an amount of Rs. 52,50,000/- was transferred from the Corporate Debtor's account to Nexus Central Lab Services Pvt. Ltd. on 11.05.2021.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Radiance Properties (India) Pvt. Ltd. on 26.11.2021. Anuj Bajpai was appointed as the Resolution Professional (RP). During the CIRP, on 11.05.2021, an amount of Rs. 52,50,000/- was transferred from the Corporate Debtor's account to Nexus Central Lab Services Pvt. Ltd. This payment was made at the behest of Pratibha Ramesh Patel (Respondent) towards the purchase of an Audi Q7. The Audi Q7 was registered in the name of Pratibha Ramesh Patel. Upon reviewing the Corporate Debtor's bank statement on 15.03.2022, the RP discovered the transaction and contacted Nexus Labs. Nexus Labs confirmed on 16.03.2022 that the payment was for the sale of the Audi Q7 and provided a copy of the Registration
…Corporate Insolvency Resolution Process…
Rs. 52,50,000/- transferred from Corporate…