The application IA No. 421/2022 was filed by Mr. Saurabh Kumar Tikmani, the Resolution Professional (RP) of Talwalkars Healthclubs Limited (Corporate Debtor) under Section 43 of the Insolvency and Bankruptcy Code, 2016 (Code). Later, the Corporate Debtor was ordered to be liquidated, and Mr. Gajesh Labhchand Jain was appointed as Liquidator, who was substituted as the applicant. The applicant determined an amount of Rs.76 Lakhs receivable from M/s Talwalkas Club Systems Private Limited (Respondent) as a preferential transaction and sought directions for the respondent to pay the amount with 12% interest. The finding was based on a Transaction Audit Report indicating the Respondent received a payment of INR 76 Lakhs from the Corporate Debtor during the two years prior
…Mr. Saurabh Kumar Tikmani, the Resolution Professional (RP) of Talwalkars Healthclubs Limited (Corporate Debtor), filed an application (IA No. 421/2022) under Section 43 of the Insolvency and Bankruptcy Code, 2016, seeking to declare a transaction as preferential. The RP, later replaced by Liquidator Mr. Gajesh Labhchand Jain, claimed that M/s Talwalkas Club Systems Private Limited (Respondent) owed Rs.76 Lakhs to the Corporate Debtor as a result of a preferential transaction. The basis for this claim was a Transaction Audit Report indicating that the Respondent received a payment of INR 76 Lakhs from the Corporate Debtor between 10 March 2019 and 09 March 2021, which falls within two years prior to the insolvency commencement date. The applicant sought directions for
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The application IA No. 421/2022 was filed by Mr. Saurabh Kumar Tikmani, the Resolution Professional (RP) of Talwalkars Healthclubs Limited (Corporate Debtor) under Section 43 of the Insolvency and Bankruptcy Code, 2016 (Code). Later, the Corporate Debtor was ordered to be liquidated, and Mr. Gajesh Labhchand Jain was appointed as Liquidator, who was substituted as the applicant. The applicant determined an amount of Rs.76 Lakhs receivable from M/s Talwalkas Club Systems Private Limited (Respondent) as a preferential transaction and sought directions for the respondent to pay the amount with 12% interest. The finding was based on a Transaction Audit Report indicating the Respondent received a payment of INR 76 Lakhs from the Corporate Debtor during the two years prior
…Mr. Saurabh Kumar Tikmani, the Resolution Professional (RP) of Talwalkars Healthclubs Limited (Corporate Debtor), filed an application (IA No. 421/2022) under Section 43 of the Insolvency and Bankruptcy Code, 2016, seeking to declare a transaction as preferential. The RP, later replaced by Liquidator Mr. Gajesh Labhchand Jain, claimed that M/s Talwalkas Club Systems Private Limited (Respondent) owed Rs.76 Lakhs to the Corporate Debtor as a result of a preferential transaction. The basis for this claim was a Transaction Audit Report indicating that the Respondent received a payment of INR 76 Lakhs from the Corporate Debtor between 10 March 2019 and 09 March 2021, which falls within two years prior to the insolvency commencement date. The applicant sought directions for
…The Insolvency and…
Payment was made from the Corporate Debtor to…