The case involves an Interlocutory Application (I.A. 1342 of 2022) filed by the Resolution Professional (Mr. Om Prakash Agarwal) of Rashmi Housing Private Limited, a Corporate Debtor, seeking directions against the Respondents under Section 74 and Section 60(5) of the Insolvency and Bankruptcy Code. The Resolution Professional sought action against the Suspended Directors for illegal conduct and violations of Section 14 of the Code, declaration of registered agreements with Respondent No. 12 to 90 as null and void, direction to Respondent No. 12 to 90 to execute necessary Deeds of Cancellation, declaration of sale transactions executed post-CIRP as null and void, and direction to Suspended Directors to disclose information about sold flats and handover keys.
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 during the moratorium period. The RP claimed that 90 registered sale agreements were executed and registered with third parties (Respondents 12-90) without valid authority or approval. The RP also contested that the Suspended Directors granted wrongful occupation of 184 units/flats despite the non-receipt of occupation certificates. The Suspended Directors denied the allegations, claiming that the sales were conducted on the instructions of the RP's staff and that the proceeds were deposited in the Corporate Debtor's
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Company Petition bearing no. 3119 of 2018 was…
The Resolution Professional issued an…
The case involves an Interlocutory Application (I.A. 1342 of 2022) filed by the Resolution Professional (Mr. Om Prakash Agarwal) of Rashmi Housing Private Limited, a Corporate Debtor, seeking directions against the Respondents under Section 74 and Section 60(5) of the Insolvency and Bankruptcy Code. The Resolution Professional sought action against the Suspended Directors for illegal conduct and violations of Section 14 of the Code, declaration of registered agreements with Respondent No. 12 to 90 as null and void, direction to Respondent No. 12 to 90 to execute necessary Deeds of Cancellation, declaration of sale transactions executed post-CIRP as null and void, and direction to Suspended Directors to disclose information about sold flats and handover keys.
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 during the moratorium period. The RP claimed that 90 registered sale agreements were executed and registered with third parties (Respondents 12-90) without valid authority or approval. The RP also contested that the Suspended Directors granted wrongful occupation of 184 units/flats despite the non-receipt of occupation certificates. The Suspended Directors denied the allegations, claiming that the sales were conducted on the instructions of the RP's staff and that the proceeds were deposited in the Corporate Debtor's
…Company Petition bearing no. 3119 of 2018 was…
The Resolution Professional issued an…