The case involves an application filed by the Interim Resolution Professional (IRP) of Regen Infrastructure and Services Private Limited, seeking to declare certain sale deeds of immovable properties in favor of Lakshmiranga Perumal Renewable Energy (P) Ltd. as fraudulent, null, and void. The IRP alleges that these properties were purchased using funds from the Corporate Debtor but registered in the name of a related party, Lakshmiranga Perumal Renewable Energy (P) Ltd. The IRP also seeks to direct the respondents to contribute to the assets of the Corporate Debtor.
The Interim Resolution Professional (IRP) of Regen Infrastructure and Services Private Limited (RISPL) filed an application alleging fraudulent transactions. The Corporate Debtor, RISPL, purchased lands at 9 locations from farmers, totaling 21.35 acres, for Rs. 1,97,97,187 between February and March 2017. These lands were registered in the name of Lakshmiranga Perumal Renewable Energy (P) Ltd. (LPREPL), the 3rd Respondent, instead of RISPL. The IRP contends that LPREPL is a related party due to common directorships. The IRP discovered several sale deeds executed by various individuals in favor of LPREPL. The IRP also found instances where LPREPL sold or leased these lands, allegedly at a profit, causing loss to the Corporate Debtor. The 1st and 2nd Respondents,
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Corporate Insolvency Resolution Process (CIRP)…
Corporate Debtor…
The case involves an application filed by the Interim Resolution Professional (IRP) of Regen Infrastructure and Services Private Limited, seeking to declare certain sale deeds of immovable properties in favor of Lakshmiranga Perumal Renewable Energy (P) Ltd. as fraudulent, null, and void. The IRP alleges that these properties were purchased using funds from the Corporate Debtor but registered in the name of a related party, Lakshmiranga Perumal Renewable Energy (P) Ltd. The IRP also seeks to direct the respondents to contribute to the assets of the Corporate Debtor.
The Interim Resolution Professional (IRP) of Regen Infrastructure and Services Private Limited (RISPL) filed an application alleging fraudulent transactions. The Corporate Debtor, RISPL, purchased lands at 9 locations from farmers, totaling 21.35 acres, for Rs. 1,97,97,187 between February and March 2017. These lands were registered in the name of Lakshmiranga Perumal Renewable Energy (P) Ltd. (LPREPL), the 3rd Respondent, instead of RISPL. The IRP contends that LPREPL is a related party due to common directorships. The IRP discovered several sale deeds executed by various individuals in favor of LPREPL. The IRP also found instances where LPREPL sold or leased these lands, allegedly at a profit, causing loss to the Corporate Debtor. The 1st and 2nd Respondents,
…Corporate Insolvency Resolution Process (CIRP)…
Corporate Debtor…