The Resolution Professional (RP) filed an application seeking to declare certain transactions as undervalued under Section 45 of the IBC, specifically the sale of factory assets by the Corporate Debtor (CD) to Respondent No. 3 (R3). The RP also sought recovery of an amount outstanding in the name of R3 in the books of the CD.
The Resolution Professional (RP) sought to make out a case of undervalued transactions amounting to Rs 97,74,548 under Section 45 of the IBC.
The undervalued transaction arose from the sale of factory building and plant and machinery (factory assets) to Respondent No. 3 (R3).
The sale is alleged to have been made at a price significantly below the book value of the assets, as reduced by depreciation.
The RP also sought recovery of Rs 59,14,653, being the amount outstanding in the name of R3 in the books of the Corporate Debtor.
The Respondents remained unresponsive, despite valid service, and thus were rendered ex-parte.
The RP relied upon an unregistered ‘Agreement of Sale’ and the ledger accounts maintained by the CD.
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The CIRP commencement…
The outstanding balance…
The Resolution Professional (RP) filed an application seeking to declare certain transactions as undervalued under Section 45 of the IBC, specifically the sale of factory assets by the Corporate Debtor (CD) to Respondent No. 3 (R3). The RP also sought recovery of an amount outstanding in the name of R3 in the books of the CD.
The Resolution Professional (RP) sought to make out a case of undervalued transactions amounting to Rs 97,74,548 under Section 45 of the IBC.
The undervalued transaction arose from the sale of factory building and plant and machinery (factory assets) to Respondent No. 3 (R3).
The sale is alleged to have been made at a price significantly below the book value of the assets, as reduced by depreciation.
The RP also sought recovery of Rs 59,14,653, being the amount outstanding in the name of R3 in the books of the Corporate Debtor.
The Respondents remained unresponsive, despite valid service, and thus were rendered ex-parte.
The RP relied upon an unregistered ‘Agreement of Sale’ and the ledger accounts maintained by the CD.
…The CIRP commencement…
The outstanding balance…