The case involves an application filed by the liquidator of Valecha LM Toll Private Limited, alleging fraudulent transactions under Section 66 of the Insolvency and Bankruptcy Code, 2016. The application seeks to impugn certain transactions that allegedly caused loss to the Corporate Debtor by siphoning off monies and unjustly enriching Valecha Infrastructure Limited (VIL). The Corporate Debtor, a Special Purpose Vehicle (SPV) for road construction, entered into a Concession Agreement with Madhya Pradesh Road Development Corporation (MPRDC). Subsequently, the Corporate Debtor transferred the Concession Agreement to its parent company, VIL, which then sub-contracted the work to Dilip Buildcon Ltd. The applicant contends that this indirect approach led to diversion of
…Valecha LM Toll Private Limited (Corporate Debtor) was undergoing Corporate Insolvency Resolution Process (CIRP). No resolution plan was approved, and the CoC resolved to liquidate the Corporate Debtor. The applicant was appointed as the liquidator. The Corporate Debtor, an SPV, entered into a Concession Agreement with MPRDC for road construction. The Corporate Debtor transferred the Concession Agreement to Valecha Engineering Limited (VEL), its parent company, for Rs.245,00,00,000/-. VEL then entered into a sub-contracting agreement with Dilip Buildcon Ltd. for Rs.210,00,00,000/-, earning a profit of Rs.35,00,00,000/-. The applicant contends that the Corporate Debtor could have directly sub-contracted with Dilip Buildcon Ltd. The Corporate Debtor availed credit
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The Financial Creditor filed a petition to…
Mr. Udayraj Patwardhan was appointed as the…
The case involves an application filed by the liquidator of Valecha LM Toll Private Limited, alleging fraudulent transactions under Section 66 of the Insolvency and Bankruptcy Code, 2016. The application seeks to impugn certain transactions that allegedly caused loss to the Corporate Debtor by siphoning off monies and unjustly enriching Valecha Infrastructure Limited (VIL). The Corporate Debtor, a Special Purpose Vehicle (SPV) for road construction, entered into a Concession Agreement with Madhya Pradesh Road Development Corporation (MPRDC). Subsequently, the Corporate Debtor transferred the Concession Agreement to its parent company, VIL, which then sub-contracted the work to Dilip Buildcon Ltd. The applicant contends that this indirect approach led to diversion of
…Valecha LM Toll Private Limited (Corporate Debtor) was undergoing Corporate Insolvency Resolution Process (CIRP). No resolution plan was approved, and the CoC resolved to liquidate the Corporate Debtor. The applicant was appointed as the liquidator. The Corporate Debtor, an SPV, entered into a Concession Agreement with MPRDC for road construction. The Corporate Debtor transferred the Concession Agreement to Valecha Engineering Limited (VEL), its parent company, for Rs.245,00,00,000/-. VEL then entered into a sub-contracting agreement with Dilip Buildcon Ltd. for Rs.210,00,00,000/-, earning a profit of Rs.35,00,00,000/-. The applicant contends that the Corporate Debtor could have directly sub-contracted with Dilip Buildcon Ltd. The Corporate Debtor availed credit
…The Financial Creditor filed a petition to…
Mr. Udayraj Patwardhan was appointed as the…