The case involves an application filed by the Resolution Professional (RP) of Tirumala Hills Asphalt Pvt. Ltd (Corporate Debtor/CD) under Section 66 of the Insolvency and Bankruptcy Code 2016 (IBC), seeking reliefs related to alleged fraudulent transactions. The CD was admitted into CIRP on 2023-06-14, and the applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP. The RP identified several transactions involving related parties, including investments in KLP Movies and diversions of funds to Respondent No. 4 (Seven Hills Tar Petro Products LLP) and Respondent No. 5. The suspended management failed to provide necessary documents, hindering a full assessment of the corporate debtor's financial position.
The Corporate Debtor (Tirumala Hills Asphalt Pvt. Ltd) was admitted into CIRP on 2023-06-14. The Resolution Professional (RP) identified several transactions that appeared fraudulent. Rs. 89,20,000 was paid from the CD's bank account to K. Lakshmipathi (R1), a director, for 'Investment in KLP Movies,' despite the CD's MOA not authorizing such investments. The RP also found a debit balance/receivable of Rs. 21,57,124.13 from Seven Hills Tar Petro Products LLP (R4) as of March 31, 2023, and Rs. 54,45,500 paid to Mr. Kayagurala Purnesh Babu (R5). The suspended management failed to provide necessary documents, including invoices and agreements. The CD's bank account held only Rs. 4.54 lakh as of the petition filing date. The RP filed an application under Section 66 of the
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The Corporate Debtor…
In the first Committee of Creditors (COC)…
The case involves an application filed by the Resolution Professional (RP) of Tirumala Hills Asphalt Pvt. Ltd (Corporate Debtor/CD) under Section 66 of the Insolvency and Bankruptcy Code 2016 (IBC), seeking reliefs related to alleged fraudulent transactions. The CD was admitted into CIRP on 2023-06-14, and the applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP. The RP identified several transactions involving related parties, including investments in KLP Movies and diversions of funds to Respondent No. 4 (Seven Hills Tar Petro Products LLP) and Respondent No. 5. The suspended management failed to provide necessary documents, hindering a full assessment of the corporate debtor's financial position.
The Corporate Debtor (Tirumala Hills Asphalt Pvt. Ltd) was admitted into CIRP on 2023-06-14. The Resolution Professional (RP) identified several transactions that appeared fraudulent. Rs. 89,20,000 was paid from the CD's bank account to K. Lakshmipathi (R1), a director, for 'Investment in KLP Movies,' despite the CD's MOA not authorizing such investments. The RP also found a debit balance/receivable of Rs. 21,57,124.13 from Seven Hills Tar Petro Products LLP (R4) as of March 31, 2023, and Rs. 54,45,500 paid to Mr. Kayagurala Purnesh Babu (R5). The suspended management failed to provide necessary documents, including invoices and agreements. The CD's bank account held only Rs. 4.54 lakh as of the petition filing date. The RP filed an application under Section 66 of the
…The Corporate Debtor…
In the first Committee of Creditors (COC)…