The Resolution Professional of M/s. Right Engineers and Equipments Pvt. Ltd. filed an I.A. (Interlocutory Application) against the respondents under Section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking a declaration that certain payments made to the respondents constitute preferential transactions violating Section 43 of the IBC. The applicant also sought the reversal of advance repayment transactions made to the respondents and the return of Rs.49.83 Lacs paid by the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application filed by M/s. Sri M. Visveswaraya Co-operative Bank Ltd. The Adjudicating Authority ordered
…M/s. Right Engineers and Equipments Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) after an application by M/s. Sri M. Visveswaraya Co-operative Bank Ltd. The Adjudicating Authority ordered liquidation and appointed the Applicant as Liquidator. The Audited Balance Sheets showed fund transfers to related parties, prompting a forensic audit. The audit revealed potential preferential transactions (Rs.81.33 Lacs) and fraudulent transactions (Rs.78.81 Lacs). The Resolution Professional filed I.A. No.482 of 2020 seeking to declare certain payments to Respondents 1, 2, and 3 as preferential transactions under Section 43 of the IBC. Respondent No.3, wife of Respondent No.2, was also found liable to return Rs.11,50,000/-. The Respondents failed to provide
…Sign in to view the parties.
The Adjudicating Authority admitted the CP filed…
The 8th Meeting of the Committee of Creditors…
The Resolution Professional of M/s. Right Engineers and Equipments Pvt. Ltd. filed an I.A. (Interlocutory Application) against the respondents under Section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking a declaration that certain payments made to the respondents constitute preferential transactions violating Section 43 of the IBC. The applicant also sought the reversal of advance repayment transactions made to the respondents and the return of Rs.49.83 Lacs paid by the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application filed by M/s. Sri M. Visveswaraya Co-operative Bank Ltd. The Adjudicating Authority ordered
…M/s. Right Engineers and Equipments Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) after an application by M/s. Sri M. Visveswaraya Co-operative Bank Ltd. The Adjudicating Authority ordered liquidation and appointed the Applicant as Liquidator. The Audited Balance Sheets showed fund transfers to related parties, prompting a forensic audit. The audit revealed potential preferential transactions (Rs.81.33 Lacs) and fraudulent transactions (Rs.78.81 Lacs). The Resolution Professional filed I.A. No.482 of 2020 seeking to declare certain payments to Respondents 1, 2, and 3 as preferential transactions under Section 43 of the IBC. Respondent No.3, wife of Respondent No.2, was also found liable to return Rs.11,50,000/-. The Respondents failed to provide
…The Adjudicating Authority admitted the CP filed…
The 8th Meeting of the Committee of Creditors…