The case involves an application filed under Section 66 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Tyson Retail Services Private Limited, seeking to record the Transactional Audit Report dated 20.01.2021, which reported fraudulent transactions amounting to Rs. 1,69,46,533. The RP also sought orders directing the directors, partners, employees, representatives, nominees, and agents of the Corporate Debtor (CD) to restore or contribute to the assets of the CD. The Corporate Insolvency Resolution Process (CIRP) was initiated against Tyson Retail Services Private Limited based on a company petition filed by Century Road Transport Pvt Ltd, which was admitted on 04.06.2020. An application for exclusion of 62 days from the CIRP period
…Century Road Transport Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Tyson Retail Services Pvt. Ltd. under Section 9 of the IBC, 2016. The application was admitted on 04.06.2020. An application for exclusion of 62 days from the CIRP period was allowed. Shri Anil Matta was initially appointed as the Interim Resolution Professional (IRP), but his appointment was not confirmed by the Committee of Creditors (CoC). Shri Rajiv Bajaj was subsequently appointed as the Resolution Professional (RP). A transaction audit was conducted, revealing fraudulent transactions amounting to Rs. 1,69,46,533. The audit report highlighted various financial irregularities, including loans advanced to related parties, cash transactions exceeding permissible limits
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The case involves an application filed under Section 66 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Tyson Retail Services Private Limited, seeking to record the Transactional Audit Report dated 20.01.2021, which reported fraudulent transactions amounting to Rs. 1,69,46,533. The RP also sought orders directing the directors, partners, employees, representatives, nominees, and agents of the Corporate Debtor (CD) to restore or contribute to the assets of the CD. The Corporate Insolvency Resolution Process (CIRP) was initiated against Tyson Retail Services Private Limited based on a company petition filed by Century Road Transport Pvt Ltd, which was admitted on 04.06.2020. An application for exclusion of 62 days from the CIRP period
…Century Road Transport Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Tyson Retail Services Pvt. Ltd. under Section 9 of the IBC, 2016. The application was admitted on 04.06.2020. An application for exclusion of 62 days from the CIRP period was allowed. Shri Anil Matta was initially appointed as the Interim Resolution Professional (IRP), but his appointment was not confirmed by the Committee of Creditors (CoC). Shri Rajiv Bajaj was subsequently appointed as the Resolution Professional (RP). A transaction audit was conducted, revealing fraudulent transactions amounting to Rs. 1,69,46,533. The audit report highlighted various financial irregularities, including loans advanced to related parties, cash transactions exceeding permissible limits
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Company petition…