The case involves two Interlocutory Applications (IAs) filed in a Company Petition (CP) related to insolvency proceedings. IA 1373 of 2021 was filed by the Liquidator seeking orders under Section 66 of the Insolvency and Bankruptcy Code (IBC) to direct respondents to pay sums for benefits received from the Corporate Debtor, alleging fraudulent transactions. IA 3237 of 2024 was filed by Prince Goyal & Ors. (Respondents in IA 1373) seeking dismissal of IA 1373, arguing it was not maintainable under Section 66 of the IBC.
The Liquidator filed IA 1373/2021 seeking orders under Section 66 of IBC, alleging fraudulent transactions by the respondents. The application sought to recover amounts related to various transactions, including: non-deposited cheques totaling Rs. 90 crores, journal entries adjusting balances, sale of a BMW car below market value, undocumented transportation charges, overdraft facilities obtained without NOC, and sales without actual movement of goods. The respondents argued that the transactions were carried out with the knowledge of the financial creditor, were not fraudulent, and were in the ordinary course of business. They also contended that the Liquidator had not made out a case of fraud as required under Section 66 of the IBC. The Corporate Debtor had portrayed
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The Liquidator filed Interlocutory Application…
Prince Goyal & Ors. filed Interlocutory…
The case involves two Interlocutory Applications (IAs) filed in a Company Petition (CP) related to insolvency proceedings. IA 1373 of 2021 was filed by the Liquidator seeking orders under Section 66 of the Insolvency and Bankruptcy Code (IBC) to direct respondents to pay sums for benefits received from the Corporate Debtor, alleging fraudulent transactions. IA 3237 of 2024 was filed by Prince Goyal & Ors. (Respondents in IA 1373) seeking dismissal of IA 1373, arguing it was not maintainable under Section 66 of the IBC.
The Liquidator filed IA 1373/2021 seeking orders under Section 66 of IBC, alleging fraudulent transactions by the respondents. The application sought to recover amounts related to various transactions, including: non-deposited cheques totaling Rs. 90 crores, journal entries adjusting balances, sale of a BMW car below market value, undocumented transportation charges, overdraft facilities obtained without NOC, and sales without actual movement of goods. The respondents argued that the transactions were carried out with the knowledge of the financial creditor, were not fraudulent, and were in the ordinary course of business. They also contended that the Liquidator had not made out a case of fraud as required under Section 66 of the IBC. The Corporate Debtor had portrayed
…The Liquidator filed Interlocutory Application…
Prince Goyal & Ors. filed Interlocutory…