This application, IA 1626/2023, was filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by Ms. Vaishali Patrikar, the Resolution Professional, in the Corporate Insolvency Resolution Process (CIRP) of M/s Satra Properties (India) Limited, the Corporate Debtor. The application seeks directions against the Respondents to compensate the loss suffered by the Creditors of the Corporate Debtor, alleging fraudulent transactions. The Corporate Insolvency Resolution Process (CIRP) was initiated after the admission of Company Petition No:016 1632 of 2019 on 03rd August 2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Satra Properties (India) Limited after the admission of Company Petition No:016 1632 of 2019 on 03rd August 2020. Ms. Vaishali Patrikar was appointed as the Resolution Professional. The Resolution Professional filed IA 1626/2023 alleging fraudulent transactions carried out by the Corporate Debtor's suspended directors with the intent to defraud creditors. The application focuses on four specific transactions: Transaction No. 1 involves an advance of INR 29.35 Crore given to Dev Land & Housing Private Limited (Respondent No. 1) against property, which was later written off. A Memorandum of Understanding (MOU) and a Deed of Cancellation were executed, but the MOU was printed on a Rs. 100
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Company Petitio…
Company Petition No:016 1632 of 2019 was…
This application, IA 1626/2023, was filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by Ms. Vaishali Patrikar, the Resolution Professional, in the Corporate Insolvency Resolution Process (CIRP) of M/s Satra Properties (India) Limited, the Corporate Debtor. The application seeks directions against the Respondents to compensate the loss suffered by the Creditors of the Corporate Debtor, alleging fraudulent transactions. The Corporate Insolvency Resolution Process (CIRP) was initiated after the admission of Company Petition No:016 1632 of 2019 on 03rd August 2020.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Satra Properties (India) Limited after the admission of Company Petition No:016 1632 of 2019 on 03rd August 2020. Ms. Vaishali Patrikar was appointed as the Resolution Professional. The Resolution Professional filed IA 1626/2023 alleging fraudulent transactions carried out by the Corporate Debtor's suspended directors with the intent to defraud creditors. The application focuses on four specific transactions: Transaction No. 1 involves an advance of INR 29.35 Crore given to Dev Land & Housing Private Limited (Respondent No. 1) against property, which was later written off. A Memorandum of Understanding (MOU) and a Deed of Cancellation were executed, but the MOU was printed on a Rs. 100
…Company Petitio…
Company Petition No:016 1632 of 2019 was…