The application, I.A. 1833 of 2019, was filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Sections 14 and 74 of the I&B Code, by the applicant, Sunil Hitech Engineers Ltd., through its resolution professional, Mr. Ashish Arjunkumar Rathi. The application sought directions for the refund of certain amounts by the respondents, contribution to the assets of the Corporate Debtor, and imposition of punishment upon the respondents for breach of moratorium and fraudulently transferring the property of the Corporate Debtor. The CIRP was initiated by American Express Banking Corporation, a financial creditor, under Section 7 of the IBC, and was admitted on 07.09.2018. Mr. Harshad Shamkant Deshpande was appointed as the Interim Resolution
…American Express Banking Corporation filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sunil Hitech Engineers Limited. The application was admitted on 07.09.2018, and a moratorium was imposed under Section 14 of the Code. Mr. Harshad Shamkant Deshpande was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Ashish Arjunkumar Rathi as the Resolution Professional (RP). The IRP notified the Corporate Debtor about taking over the management on 14.09.2018. The Resolution Professional (RP) filed an application (I.A. 1833 of 2019) alleging that unauthorized payments amounting to Rs. 16,35,42,712/- were made from the Corporate Debtor's account after
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The application, I.A. 1833 of 2019, was filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Sections 14 and 74 of the I&B Code, by the applicant, Sunil Hitech Engineers Ltd., through its resolution professional, Mr. Ashish Arjunkumar Rathi. The application sought directions for the refund of certain amounts by the respondents, contribution to the assets of the Corporate Debtor, and imposition of punishment upon the respondents for breach of moratorium and fraudulently transferring the property of the Corporate Debtor. The CIRP was initiated by American Express Banking Corporation, a financial creditor, under Section 7 of the IBC, and was admitted on 07.09.2018. Mr. Harshad Shamkant Deshpande was appointed as the Interim Resolution
…American Express Banking Corporation filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sunil Hitech Engineers Limited. The application was admitted on 07.09.2018, and a moratorium was imposed under Section 14 of the Code. Mr. Harshad Shamkant Deshpande was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Ashish Arjunkumar Rathi as the Resolution Professional (RP). The IRP notified the Corporate Debtor about taking over the management on 14.09.2018. The Resolution Professional (RP) filed an application (I.A. 1833 of 2019) alleging that unauthorized payments amounting to Rs. 16,35,42,712/- were made from the Corporate Debtor's account after
…The application for…
The CIRP ord…