The case pertains to an Interlocutory Application (I.A. 1342 of 2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Rashmi Housing Private Limited (Corporate Debtor) under CP (IB) 3119 of 2018. The Resolution Professional (RP) sought directions against the Respondents under Section 74 and Section 60(5) of the Insolvency and Bankruptcy Code (IBC) due to alleged illegal conduct by the Suspended Directors, specifically concerning the sale of flats/units during the CIRP period. The RP's application also sought the cancellation of sale transactions for 82 flats allegedly sold during the moratorium period and appropriate penal orders against the Respondents for contravening the provisions of the Code.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Rashmi Housing Private Limited on 2018-12-14. The Resolution Professional (RP) filed an application alleging that the Suspended Directors (Respondents 1-3) illegally sold 82 flats/units during the CIRP period, violating the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC). The RP argued that these sales were conducted without valid authority or approval and at slashed prices. The RP also contended that the Suspended Directors granted wrongful occupation of 184 Units/Flats and there are 36 illegal occupants that are in wrongful possession. The Suspended Directors denied the allegations, claiming they were not involved in day-to-day operations and that the sales were conducted
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Corporate Insolvency Resolution Process (CIRP)…
Resolution Professional issued an email to the…
The case pertains to an Interlocutory Application (I.A. 1342 of 2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Rashmi Housing Private Limited (Corporate Debtor) under CP (IB) 3119 of 2018. The Resolution Professional (RP) sought directions against the Respondents under Section 74 and Section 60(5) of the Insolvency and Bankruptcy Code (IBC) due to alleged illegal conduct by the Suspended Directors, specifically concerning the sale of flats/units during the CIRP period. The RP's application also sought the cancellation of sale transactions for 82 flats allegedly sold during the moratorium period and appropriate penal orders against the Respondents for contravening the provisions of the Code.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Rashmi Housing Private Limited on 2018-12-14. The Resolution Professional (RP) filed an application alleging that the Suspended Directors (Respondents 1-3) illegally sold 82 flats/units during the CIRP period, violating the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC). The RP argued that these sales were conducted without valid authority or approval and at slashed prices. The RP also contended that the Suspended Directors granted wrongful occupation of 184 Units/Flats and there are 36 illegal occupants that are in wrongful possession. The Suspended Directors denied the allegations, claiming they were not involved in day-to-day operations and that the sales were conducted
…Corporate Insolvency Resolution Process (CIRP)…
Resolution Professional issued an email to the…