The case involves an application filed by the Interim Resolution Professional (IRP) of Shivshakti Barrels Pvt. Ltd. under Section 66 read with Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016, against two directors of the Corporate Debtor, Mr. Jaivik Samratsingh Parihar and Mr. Prerit Samratsingh Parihar. The IRP alleged that the directors had fraudulently transferred funds from the Corporate Debtor's accounts during the moratorium period declared under Section 14 of the IBC.
The Interim Resolution Professional (IRP) of Shivshakti Barrels Pvt. Ltd. filed an application under Section 66 read with Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016, against two directors of the Corporate Debtor, Mr. Jaivik Samratsingh Parihar and Mr. Prerit Samratsingh Parihar. The IRP alleged that the directors had transferred Rs. 42,51,563/- from Federal Bank and Rs. 17,11,351/- from Bank of Baroda on 10.03.2021 and 19.03.2021 respectively, during the moratorium period declared under Section 14 of the IBC, constituting fraudulent transactions. The directors contended that the transfers were made in the normal course of business to keep the Corporate Debtor as a going concern by paying small suppliers and employees. The Corporate Debtor was admitted
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Rs. 42,51,563/-…
The Corporate Debtor is…
The case involves an application filed by the Interim Resolution Professional (IRP) of Shivshakti Barrels Pvt. Ltd. under Section 66 read with Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016, against two directors of the Corporate Debtor, Mr. Jaivik Samratsingh Parihar and Mr. Prerit Samratsingh Parihar. The IRP alleged that the directors had fraudulently transferred funds from the Corporate Debtor's accounts during the moratorium period declared under Section 14 of the IBC.
The Interim Resolution Professional (IRP) of Shivshakti Barrels Pvt. Ltd. filed an application under Section 66 read with Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016, against two directors of the Corporate Debtor, Mr. Jaivik Samratsingh Parihar and Mr. Prerit Samratsingh Parihar. The IRP alleged that the directors had transferred Rs. 42,51,563/- from Federal Bank and Rs. 17,11,351/- from Bank of Baroda on 10.03.2021 and 19.03.2021 respectively, during the moratorium period declared under Section 14 of the IBC, constituting fraudulent transactions. The directors contended that the transfers were made in the normal course of business to keep the Corporate Debtor as a going concern by paying small suppliers and employees. The Corporate Debtor was admitted
…Rs. 42,51,563/-…
The Corporate Debtor is…