M/s. Periyar Agro Food Industries Private Limited, the Corporate Debtor, was undergoing Corporate Insolvency Resolution Process (CIRP). During the CIRP, the Resolution Professional (RP), Mr. George Varkey, observed financial irregularities. A forensic audit revealed that the suspended Managing Director and Director, Mohammed Riyaz and Abdul Marakkar, had allegedly carried out the business with intent to defraud creditors by overstating stock values and creating fictitious trade receivables. Consequently, the RP filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Respondents to contribute to the Corporate Debtor's assets. The Respondents, in turn, filed an application seeking cross-examination of the RP and
…M/s. Periyar Agro Food Industries Private Limited, the Corporate Debtor, was incorporated on 23.12.1996 and engaged in manufacturing wheat-based products.
An application under Section 9 of the IBC was filed against the Corporate Debtor by M/s. ITC Limited for a default of Rs. 1,39,11,188/-.
The application was admitted on 21.12.2021, and Mr. George Varkey was appointed as the Interim Resolution Professional.
During the Corporate Insolvency Resolution Process (CIRP), irregularities were observed in the financial affairs of the Corporate Debtor.
The Committee of Creditors (CoC), in its 8th meeting on 27.04.2022, resolved to conduct a forensic audit and appointed Mr. Vibin Vincent as the Forensic Auditor.
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M/s. Periyar Agro Food…
An application under Section 9 of the IBC was…
M/s. Periyar Agro Food Industries Private Limited, the Corporate Debtor, was undergoing Corporate Insolvency Resolution Process (CIRP). During the CIRP, the Resolution Professional (RP), Mr. George Varkey, observed financial irregularities. A forensic audit revealed that the suspended Managing Director and Director, Mohammed Riyaz and Abdul Marakkar, had allegedly carried out the business with intent to defraud creditors by overstating stock values and creating fictitious trade receivables. Consequently, the RP filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Respondents to contribute to the Corporate Debtor's assets. The Respondents, in turn, filed an application seeking cross-examination of the RP and
…M/s. Periyar Agro Food Industries Private Limited, the Corporate Debtor, was incorporated on 23.12.1996 and engaged in manufacturing wheat-based products.
An application under Section 9 of the IBC was filed against the Corporate Debtor by M/s. ITC Limited for a default of Rs. 1,39,11,188/-.
The application was admitted on 21.12.2021, and Mr. George Varkey was appointed as the Interim Resolution Professional.
During the Corporate Insolvency Resolution Process (CIRP), irregularities were observed in the financial affairs of the Corporate Debtor.
The Committee of Creditors (CoC), in its 8th meeting on 27.04.2022, resolved to conduct a forensic audit and appointed Mr. Vibin Vincent as the Forensic Auditor.
…M/s. Periyar Agro Food…
An application under Section 9 of the IBC was…