The case involves an application filed under Section 43 of the Insolvency & Bankruptcy Code, 2016 ('IBC') by the Resolution Professional ('RP') of M/s Sewa Steels Private Limited ('Corporate Debtor'). The RP seeks to declare certain fund transfers made to Respondent No. 1 (Pinki Aggarwal) and Respondent No. 2 (Sanchi Aggarwal) as preferential transactions. The CIRP was initiated following an application under Section 9 of the Code by the Operational Creditor, Mr. Pawan Garg. The Adjudicating Authority admitted the application on 25.05.2022, appointing Mr. Arun Chadha as the Interim Resolution Professional ('IRP'). Subsequently, the Applicant was appointed as the Resolution Professional ('RP') on 01.09.2022.
Mr. Pawan Garg, an Operational Creditor, initiated CIRP against M/s Sewa Steels Pvt. Ltd. The CIRP was admitted on 25.05.2022. The Resolution Professional (RP) discovered fund transfers from the Corporate Debtor to Respondent No. 1 (Pinki Aggarwal, Promoter-Director holding 28.36% equity) and Respondent No. 2 (Sanchi Aggarwal, daughter of Respondent No. 1 holding 3.36% equity). These transfers occurred between 01.04.2021 and 21.05.2022. Specifically, Rs. 18,71,000 was transferred to Respondent No. 1 and Rs. 41,55,000 to Respondent No. 2. The RP contends these were preferential repayments of unsecured loans, made within the look-back period (2 years prior to CIRP commencement) and outside the ordinary course of business. The Respondents argue the transfers were
…Sign in to view the parties.
The Corporate Insolvency Resolution Process…
Mr. Arun Chadha was…
The case involves an application filed under Section 43 of the Insolvency & Bankruptcy Code, 2016 ('IBC') by the Resolution Professional ('RP') of M/s Sewa Steels Private Limited ('Corporate Debtor'). The RP seeks to declare certain fund transfers made to Respondent No. 1 (Pinki Aggarwal) and Respondent No. 2 (Sanchi Aggarwal) as preferential transactions. The CIRP was initiated following an application under Section 9 of the Code by the Operational Creditor, Mr. Pawan Garg. The Adjudicating Authority admitted the application on 25.05.2022, appointing Mr. Arun Chadha as the Interim Resolution Professional ('IRP'). Subsequently, the Applicant was appointed as the Resolution Professional ('RP') on 01.09.2022.
Mr. Pawan Garg, an Operational Creditor, initiated CIRP against M/s Sewa Steels Pvt. Ltd. The CIRP was admitted on 25.05.2022. The Resolution Professional (RP) discovered fund transfers from the Corporate Debtor to Respondent No. 1 (Pinki Aggarwal, Promoter-Director holding 28.36% equity) and Respondent No. 2 (Sanchi Aggarwal, daughter of Respondent No. 1 holding 3.36% equity). These transfers occurred between 01.04.2021 and 21.05.2022. Specifically, Rs. 18,71,000 was transferred to Respondent No. 1 and Rs. 41,55,000 to Respondent No. 2. The RP contends these were preferential repayments of unsecured loans, made within the look-back period (2 years prior to CIRP commencement) and outside the ordinary course of business. The Respondents argue the transfers were
…The Corporate Insolvency Resolution Process…
Mr. Arun Chadha was…