The application was filed under sections 14(1)(b) and 74(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Raghav Sarees Pvt. Ltd., the Corporate Debtor. The RP sought an order directing respondents 1-4 to refund Rs.76,693/- with interest or face punishment under section 74 of the IBC. The Adjudicating Authority had initiated CIRP against Raghav Sarees Pvt. Ltd. on 2022-06-13, based on a petition filed by Reliance Home Finance Limited, the Financial Creditor. Public announcement was made on 2022-06-15, inviting claims from creditors. The IRP intimated the suspended Board of Directors about the CIRP initiation.
Reliance Home Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Raghav Sarees Pvt. Ltd. The CIRP was initiated on 2022-06-13. Mr. Niraj Kumar Agrawal was appointed as the Interim Resolution Professional (IRP). After the CIRP initiation and the declaration of a moratorium, the IRP discovered that the respondents had issued cheques from the Corporate Debtor's account. Specifically, a cheque for Rs.66,000/- dated 2022-06-16 was deposited on 2022-06-16, violating the moratorium. The IRP informed the respondents about the violation, but they claimed the cheque was handed over before the CIRP commencement. The IRP filed an application seeking a refund of Rs.76,693/- from the respondents, alleging a violation of the moratorium under Section 14
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CIRP initiated against Raghav Sarees Pvt.…
Moratorium declared…
The application was filed under sections 14(1)(b) and 74(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Raghav Sarees Pvt. Ltd., the Corporate Debtor. The RP sought an order directing respondents 1-4 to refund Rs.76,693/- with interest or face punishment under section 74 of the IBC. The Adjudicating Authority had initiated CIRP against Raghav Sarees Pvt. Ltd. on 2022-06-13, based on a petition filed by Reliance Home Finance Limited, the Financial Creditor. Public announcement was made on 2022-06-15, inviting claims from creditors. The IRP intimated the suspended Board of Directors about the CIRP initiation.
Reliance Home Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Raghav Sarees Pvt. Ltd. The CIRP was initiated on 2022-06-13. Mr. Niraj Kumar Agrawal was appointed as the Interim Resolution Professional (IRP). After the CIRP initiation and the declaration of a moratorium, the IRP discovered that the respondents had issued cheques from the Corporate Debtor's account. Specifically, a cheque for Rs.66,000/- dated 2022-06-16 was deposited on 2022-06-16, violating the moratorium. The IRP informed the respondents about the violation, but they claimed the cheque was handed over before the CIRP commencement. The IRP filed an application seeking a refund of Rs.76,693/- from the respondents, alleging a violation of the moratorium under Section 14
…CIRP initiated against Raghav Sarees Pvt.…
Moratorium declared…