The case involves an application filed under Section 33 r.w. 60(5) of the Insolvency and Bankruptcy Code, 2016, by Mr. Shyam Sunder Kasera, the Resolution Professional (RP) of Rahi Electronics Private Limited. The RP sought several reliefs, including setting aside the order dated 18.02.2019, directing Respondents 2 and 3 to pay the outstanding professional fees, determining liquidation costs, and interim reliefs. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by the Corporate Applicant (Respondent No. 1) under Section 10 of the Code. The Committee of Creditors (CoC) was formed, and several meetings were held. A forensic audit revealed preferential and undervalued transactions. The CoC ultimately decided to liquidate the
…Rahi Electronics Private Limited (Respondent No. 1) initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Vimal Agarwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Shyam Sunder Kasera. Thane Bharat Sahakari Bank Limited (Respondent No. 4) was the sole financial creditor, with admitted claims of Rs. 5,21,75,866. A forensic audit revealed preferential transactions and undervalued transactions by the Corporate Debtor. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the absence of a resolution plan and concerns about abuse of the legal process. The total loan outstanding of both companies (Corporate Debtor and Rahi
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The CIRP of Corporate…
Mr. Vimal Agarwal, the Interim Resolution…
The case involves an application filed under Section 33 r.w. 60(5) of the Insolvency and Bankruptcy Code, 2016, by Mr. Shyam Sunder Kasera, the Resolution Professional (RP) of Rahi Electronics Private Limited. The RP sought several reliefs, including setting aside the order dated 18.02.2019, directing Respondents 2 and 3 to pay the outstanding professional fees, determining liquidation costs, and interim reliefs. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by the Corporate Applicant (Respondent No. 1) under Section 10 of the Code. The Committee of Creditors (CoC) was formed, and several meetings were held. A forensic audit revealed preferential and undervalued transactions. The CoC ultimately decided to liquidate the
…Rahi Electronics Private Limited (Respondent No. 1) initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Vimal Agarwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Shyam Sunder Kasera. Thane Bharat Sahakari Bank Limited (Respondent No. 4) was the sole financial creditor, with admitted claims of Rs. 5,21,75,866. A forensic audit revealed preferential transactions and undervalued transactions by the Corporate Debtor. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the absence of a resolution plan and concerns about abuse of the legal process. The total loan outstanding of both companies (Corporate Debtor and Rahi
…The CIRP of Corporate…
Mr. Vimal Agarwal, the Interim Resolution…