The Interim Resolution Professional (IRP) filed a petition under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions against the respondents (ex-directors/promoters) to compensate the corporate debtor for losses incurred due to fraudulent transactions. The IRP also sought referral of the matter to the IBBI under Section 236 of the IBC, 2016. The IRP's application was based on the ex-directors' alleged non-cooperation, hiding information about share sales, writing off debts to defraud creditors, starting an identical business through a related entity, and receiving cash from debtors without proper accounting.
Aargus Global Logistics Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against itself. The Interim Resolution Professional (IRP) was appointed on 26.11.2019. The Corporate Debtor was previously known as Committed Worldwide Express Pvt Ltd and later changed its name to Stockflow Express Pvt Ltd on 26-07-2019. Before December 2018, the company had five directors: Nitin Bharal, Narendra Bisht, Rajeev Sharma, Yashpal Arora, and Sujeet Kumar Chaudhary. The first four were also promoters and 100% shareholders of Stockflow Express Pvt Ltd. Shiv Kumar Chaturvedi was appointed as a director on 27-12-2018. The first four directors resigned on 31-12-2018. Sujeet Chaudhary passed away in August 2019, leaving Shiv Kumar Chaturvedi as the sole director. The
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The four promoters sold their 100%…
Committed Cargo Care Ltd sold a part of its…
The Interim Resolution Professional (IRP) filed a petition under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions against the respondents (ex-directors/promoters) to compensate the corporate debtor for losses incurred due to fraudulent transactions. The IRP also sought referral of the matter to the IBBI under Section 236 of the IBC, 2016. The IRP's application was based on the ex-directors' alleged non-cooperation, hiding information about share sales, writing off debts to defraud creditors, starting an identical business through a related entity, and receiving cash from debtors without proper accounting.
Aargus Global Logistics Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against itself. The Interim Resolution Professional (IRP) was appointed on 26.11.2019. The Corporate Debtor was previously known as Committed Worldwide Express Pvt Ltd and later changed its name to Stockflow Express Pvt Ltd on 26-07-2019. Before December 2018, the company had five directors: Nitin Bharal, Narendra Bisht, Rajeev Sharma, Yashpal Arora, and Sujeet Kumar Chaudhary. The first four were also promoters and 100% shareholders of Stockflow Express Pvt Ltd. Shiv Kumar Chaturvedi was appointed as a director on 27-12-2018. The first four directors resigned on 31-12-2018. Sujeet Chaudhary passed away in August 2019, leaving Shiv Kumar Chaturvedi as the sole director. The
…The four promoters sold their 100%…
Committed Cargo Care Ltd sold a part of its…