The case involves an application (IA No. 296/2021) filed by the Resolution Professional (RP) of Sunpower Solar Technick Private Limited, the Corporate Debtor (CD), in the Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered by a petition from the financial creditor, Shriram City Union Finance Limited. The RP sought directions under Section 66 of the IBC to compel respondents, including former directors, to contribute to the assets of the CD due to fraudulent transactions and diversion of funds. The RP faced non-cooperation from the respondents in providing financial data and discovered questionable transactions through forensic audits.
Shriram City Union Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Sunpower Solar Technick Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT), Hyderabad Bench, ordered CIRP on 13 November 2019 and appointed an Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). The RP discovered that the Corporate Debtor (CD) engaged in fraudulent transactions and diversion of funds. Key findings included: the CD's financial statements did not reflect a true state of affairs; the CD was used to route funds to other entities; there was a lack of supporting documentation for debenture liabilities; funds were diverted to related parties; questionable gold
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NCLT ordered Corporate…
IRP received t…
The case involves an application (IA No. 296/2021) filed by the Resolution Professional (RP) of Sunpower Solar Technick Private Limited, the Corporate Debtor (CD), in the Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered by a petition from the financial creditor, Shriram City Union Finance Limited. The RP sought directions under Section 66 of the IBC to compel respondents, including former directors, to contribute to the assets of the CD due to fraudulent transactions and diversion of funds. The RP faced non-cooperation from the respondents in providing financial data and discovered questionable transactions through forensic audits.
Shriram City Union Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Sunpower Solar Technick Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT), Hyderabad Bench, ordered CIRP on 13 November 2019 and appointed an Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). The RP discovered that the Corporate Debtor (CD) engaged in fraudulent transactions and diversion of funds. Key findings included: the CD's financial statements did not reflect a true state of affairs; the CD was used to route funds to other entities; there was a lack of supporting documentation for debenture liabilities; funds were diverted to related parties; questionable gold
…NCLT ordered Corporate…
IRP received t…