This is an application (I.A. 2737/2021) filed by IDBI Bank Limited under Section 32A read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to Ruchi Soya Industries Limited and its ex-managing director, Sh. Dinesh Shahra, to provide assistance, cooperation, and documents for a forensic audit. The audit is in compliance with the directions of the Madhya Pradesh High Court in W.P. No. 25995 of 2018, dated 05.12.2019. Ruchi Soya Industries Limited was undergoing corporate insolvency resolution process from 15th December 2017. The resolution plan submitted by the Patanjali Consortium was approved on 4th September 2019. The applicant, IDBI Bank, was one of the financial creditors of Ruchi Soya Industries Limited. The applicant declared
…IDBI Bank Limited filed I.A. 2737/2021 seeking directions for Ruchi Soya Industries Limited and its ex-managing director to cooperate with a forensic audit. The application is based on Section 32A and 60(5) of the Insolvency & Bankruptcy Code, 2016. Ruchi Soya Industries Limited was undergoing CIRP from 15th December 2017. The resolution plan submitted by Patanjali Consortium was approved on 4th September 2019. IDBI Bank, the applicant, was a financial creditor. The applicant declared Ruchi Soya Industries Limited's account as a Red Flag Account on 01.09.2016 and as 'Fraud' on 02.07.2018, filing a CBI complaint. The Madhya Pradesh High Court directed a fresh forensic audit at Respondent No.2's expense on 05.12.2019. The applicant appointed Haribhakti Business
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Corporate Insolvency…
Resolution plan…
This is an application (I.A. 2737/2021) filed by IDBI Bank Limited under Section 32A read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions to Ruchi Soya Industries Limited and its ex-managing director, Sh. Dinesh Shahra, to provide assistance, cooperation, and documents for a forensic audit. The audit is in compliance with the directions of the Madhya Pradesh High Court in W.P. No. 25995 of 2018, dated 05.12.2019. Ruchi Soya Industries Limited was undergoing corporate insolvency resolution process from 15th December 2017. The resolution plan submitted by the Patanjali Consortium was approved on 4th September 2019. The applicant, IDBI Bank, was one of the financial creditors of Ruchi Soya Industries Limited. The applicant declared
…IDBI Bank Limited filed I.A. 2737/2021 seeking directions for Ruchi Soya Industries Limited and its ex-managing director to cooperate with a forensic audit. The application is based on Section 32A and 60(5) of the Insolvency & Bankruptcy Code, 2016. Ruchi Soya Industries Limited was undergoing CIRP from 15th December 2017. The resolution plan submitted by Patanjali Consortium was approved on 4th September 2019. IDBI Bank, the applicant, was a financial creditor. The applicant declared Ruchi Soya Industries Limited's account as a Red Flag Account on 01.09.2016 and as 'Fraud' on 02.07.2018, filing a CBI complaint. The Madhya Pradesh High Court directed a fresh forensic audit at Respondent No.2's expense on 05.12.2019. The applicant appointed Haribhakti Business
…Corporate Insolvency…
Resolution plan…