The case involves an application (IA No- 5285/ND/2021) filed by the liquidator, Kamal Agarwal, under Sections 68, 70, 71, 72 & 236(2) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking to refer the matter to the Insolvency & Bankruptcy Board of India (IBBI) for filing a complaint in the Special Court established under chapter XXVIII of the Companies Act, 2013. The application alleges non-cooperation by the suspended Board of Directors (Respondents 1 & 2) led by Mr. Pavitra Singh (Respondent no 3), concealment of property, misconduct during the CIRP, falsification of books, and willful omissions from statements. The respondents, including the ex-management, claim they have fully cooperated and that the liquidator is
…The liquidator, Kamal Agarwal, filed an application alleging non-cooperation and offenses by the suspended Board of Directors (Respondents 1 & 2) led by Mr. Pavitra Singh (Respondent no 3). The application sought to refer the matter to the IBBI for filing a complaint. The liquidator claimed the respondents concealed property, caused misconduct during the CIRP, falsified books, and made willful omissions. The respondents, including the ex-management, refuted these claims, asserting full cooperation and accusing the liquidator of harassment and mismanagement. They alleged the liquidator acted in connivance with the financial creditor, improperly took possession of assets (Audi A6 Car, Honda City Car), and sold them at low prices, depositing the proceeds in his
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CIRP was com…
The ex-management…
The case involves an application (IA No- 5285/ND/2021) filed by the liquidator, Kamal Agarwal, under Sections 68, 70, 71, 72 & 236(2) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking to refer the matter to the Insolvency & Bankruptcy Board of India (IBBI) for filing a complaint in the Special Court established under chapter XXVIII of the Companies Act, 2013. The application alleges non-cooperation by the suspended Board of Directors (Respondents 1 & 2) led by Mr. Pavitra Singh (Respondent no 3), concealment of property, misconduct during the CIRP, falsification of books, and willful omissions from statements. The respondents, including the ex-management, claim they have fully cooperated and that the liquidator is
…The liquidator, Kamal Agarwal, filed an application alleging non-cooperation and offenses by the suspended Board of Directors (Respondents 1 & 2) led by Mr. Pavitra Singh (Respondent no 3). The application sought to refer the matter to the IBBI for filing a complaint. The liquidator claimed the respondents concealed property, caused misconduct during the CIRP, falsified books, and made willful omissions. The respondents, including the ex-management, refuted these claims, asserting full cooperation and accusing the liquidator of harassment and mismanagement. They alleged the liquidator acted in connivance with the financial creditor, improperly took possession of assets (Audi A6 Car, Honda City Car), and sold them at low prices, depositing the proceeds in his
…CIRP was com…
The ex-management…