This Interlocutory Application (I.A. (I.B.C.) No.22/MB/2025) was filed in CP (IB) No.1046/MB/2023 (Main Application) on 23.12.2024 by Mr. Ramprasad Vishwanath Gupta, under Section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant sought a declaration that certain transactions undertaken by M/s Snehanjali and S.B. Developers Private Limited (Corporate Debtor) in favor of Kotak Mahindra Investments Ltd. were preferential transactions under Section 43 of the Code. The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP) in C.P. (IB) No.1046/MB/2023 under Section 7 of the IBC vide order dated 07.03.2024. Mr. Dinesh Kumar Deora was appointed as the IRP and later
…Mr. Ramprasad Vishwanath Gupta filed an Interlocutory Application (I.A. No.22/MB/2025) in CP (IB) No.1046/MB/2023, seeking a declaration that certain transactions by M/s Snehanjali and S.B. Developers Private Limited (Corporate Debtor) in favor of Kotak Mahindra Investments Ltd. were preferential under Section 43 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was admitted into CIRP under Section 7 of the IBC. The applicant alleged that the Corporate Debtor, facing financial difficulties, preferentially repaid a loan of Rs.90,00,00,000/- to Kotak Mahindra Investments Ltd. (Respondent No.2), a secured financial creditor, using funds diverted from homebuyers, violating Section 43 and the statutory waterfall mechanism under Section 53 of the Code. The
…Sign in to view the parties.
Construction on the project site was…
The Corporate Debtor was admitted to Corporate…
This Interlocutory Application (I.A. (I.B.C.) No.22/MB/2025) was filed in CP (IB) No.1046/MB/2023 (Main Application) on 23.12.2024 by Mr. Ramprasad Vishwanath Gupta, under Section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant sought a declaration that certain transactions undertaken by M/s Snehanjali and S.B. Developers Private Limited (Corporate Debtor) in favor of Kotak Mahindra Investments Ltd. were preferential transactions under Section 43 of the Code. The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP) in C.P. (IB) No.1046/MB/2023 under Section 7 of the IBC vide order dated 07.03.2024. Mr. Dinesh Kumar Deora was appointed as the IRP and later
…Mr. Ramprasad Vishwanath Gupta filed an Interlocutory Application (I.A. No.22/MB/2025) in CP (IB) No.1046/MB/2023, seeking a declaration that certain transactions by M/s Snehanjali and S.B. Developers Private Limited (Corporate Debtor) in favor of Kotak Mahindra Investments Ltd. were preferential under Section 43 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was admitted into CIRP under Section 7 of the IBC. The applicant alleged that the Corporate Debtor, facing financial difficulties, preferentially repaid a loan of Rs.90,00,00,000/- to Kotak Mahindra Investments Ltd. (Respondent No.2), a secured financial creditor, using funds diverted from homebuyers, violating Section 43 and the statutory waterfall mechanism under Section 53 of the Code. The
…Construction on the project site was…
The Corporate Debtor was admitted to Corporate…