The Resolution Professional of Rich Fruits Private Limited, acting as the Corporate Debtor, filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application sought to declare certain identified transactions as fraudulent and direct Respondents 1 to 3 to contribute a sum of Rs. 6,03,30,643.37 to the assets of the Corporate Debtor. The Corporate Debtor had supplied goods to Safa Fruits and SMGK Agro Products but had not recovered the dues. The applicant observed a significant difference between the amounts accounted for in the ledger statements and the invoices provided by the promoter directors. The Corporate Debtor's accounts did not accurately reflect the true state of affairs.
The Resolution Professional (RP) of Rich Fruits Private Limited filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking to declare certain transactions as fraudulent. The Corporate Debtor, Rich Fruits Private Limited, underwent CIRP initiated on 2022-02-02. The RP, acting as liquidator, alleged that the Corporate Debtor had supplied goods to Safa Fruits and SMGK Agro Products, but a significant amount of Rs. 6,03,30,643.37/- remained unrecovered. The RP claimed that the ledger statements and invoices showed discrepancies, indicating fraudulent transactions. The respondents, including Mr. Abdul Asif, Mr. Abdul Sattar, and Mr. Amirjan Nasimunisa, contested the allegations, stating that the transactions were commercial decisions and
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CIRP process…
Liquidation of the Corporate Debtor approved…
The Resolution Professional of Rich Fruits Private Limited, acting as the Corporate Debtor, filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application sought to declare certain identified transactions as fraudulent and direct Respondents 1 to 3 to contribute a sum of Rs. 6,03,30,643.37 to the assets of the Corporate Debtor. The Corporate Debtor had supplied goods to Safa Fruits and SMGK Agro Products but had not recovered the dues. The applicant observed a significant difference between the amounts accounted for in the ledger statements and the invoices provided by the promoter directors. The Corporate Debtor's accounts did not accurately reflect the true state of affairs.
The Resolution Professional (RP) of Rich Fruits Private Limited filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking to declare certain transactions as fraudulent. The Corporate Debtor, Rich Fruits Private Limited, underwent CIRP initiated on 2022-02-02. The RP, acting as liquidator, alleged that the Corporate Debtor had supplied goods to Safa Fruits and SMGK Agro Products, but a significant amount of Rs. 6,03,30,643.37/- remained unrecovered. The RP claimed that the ledger statements and invoices showed discrepancies, indicating fraudulent transactions. The respondents, including Mr. Abdul Asif, Mr. Abdul Sattar, and Mr. Amirjan Nasimunisa, contested the allegations, stating that the transactions were commercial decisions and
…CIRP process…
Liquidation of the Corporate Debtor approved…