The case involves an application filed by the Resolution Professional (RP) of Ushdev International Limited, seeking the avoidance of preferential and undervalued transactions. The RP aimed to recover contributions from respondents related to transactions conducted by the Corporate Debtor under Sections 43-48 and 66 of the Insolvency and Bankruptcy Code, 2016. The application was filed in the context of corporate insolvency resolution process initiated against Ushdev International Limited.
The Resolution Professional (RP) of Ushdev International Limited filed an application seeking the avoidance of preferential and undervalued transactions under Sections 43-48 and 66 of the Insolvency and Bankruptcy Code, 2016. The application was based on a forensic audit report that identified certain transactions as preferential, undervalued, and fraudulent. The insolvency proceedings against the Corporate Debtor commenced on 2018-05-14. The RP was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional. The Committee of Creditors (CoC) appointed a forensic auditor to ascertain whether the Corporate Debtor had entered into any transaction under section 43-51 and section 66 of the Code. The RP received the report from the
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Insolvency proceedings…
The Applicant informed…
The case involves an application filed by the Resolution Professional (RP) of Ushdev International Limited, seeking the avoidance of preferential and undervalued transactions. The RP aimed to recover contributions from respondents related to transactions conducted by the Corporate Debtor under Sections 43-48 and 66 of the Insolvency and Bankruptcy Code, 2016. The application was filed in the context of corporate insolvency resolution process initiated against Ushdev International Limited.
The Resolution Professional (RP) of Ushdev International Limited filed an application seeking the avoidance of preferential and undervalued transactions under Sections 43-48 and 66 of the Insolvency and Bankruptcy Code, 2016. The application was based on a forensic audit report that identified certain transactions as preferential, undervalued, and fraudulent. The insolvency proceedings against the Corporate Debtor commenced on 2018-05-14. The RP was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional. The Committee of Creditors (CoC) appointed a forensic auditor to ascertain whether the Corporate Debtor had entered into any transaction under section 43-51 and section 66 of the Code. The RP received the report from the
…Insolvency proceedings…
The Applicant informed…