A contempt petition was filed by a major shareholder of M/s Savute Textiles Private Limited against its suspended directors and related parties for allegedly violating an order dated 25.04.2024, which directed restoration of assets and payment of specified amounts to the Corporate Debtor.
The Corporate Insolvency Resolution Process was initiated against M/s Savute Textiles Private Limited on 11.03.2022.
The Resolution Professional identified fraudulent transactions by the suspended directors, including unauthorized transfer of assets and siphoning of funds.
An application under Section 66 of the Insolvency and Bankruptcy Code, 2016 was filed.
The Adjudicating Authority declared the Business Transfer Agreement null and void and directed restoration of assets and payment of specified amounts to the Corporate Debtor on 25.04.2024.
The order dated 25.04.2024 was challenged before the Hon'ble High Court of Kerala, which dismissed the writ petitions.
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Date of Instit…
Order delivere…
A contempt petition was filed by a major shareholder of M/s Savute Textiles Private Limited against its suspended directors and related parties for allegedly violating an order dated 25.04.2024, which directed restoration of assets and payment of specified amounts to the Corporate Debtor.
The Corporate Insolvency Resolution Process was initiated against M/s Savute Textiles Private Limited on 11.03.2022.
The Resolution Professional identified fraudulent transactions by the suspended directors, including unauthorized transfer of assets and siphoning of funds.
An application under Section 66 of the Insolvency and Bankruptcy Code, 2016 was filed.
The Adjudicating Authority declared the Business Transfer Agreement null and void and directed restoration of assets and payment of specified amounts to the Corporate Debtor on 25.04.2024.
The order dated 25.04.2024 was challenged before the Hon'ble High Court of Kerala, which dismissed the writ petitions.
…Date of Instit…
Order delivere…