The Corporate Insolvency Resolution Process (CIRP) for Perfect Engine Component Private Limited (Corporate Debtor) commenced on 25.01.2023. M/s ARCK Resolution Professionals LLP, through its Designated Partner Mr. Anil Kohli, was appointed as the Interim Resolution Professional (IRP). A Transaction Audit Report (TAR) was commissioned, which identified long outstanding receivables of Rs. 5.91 Crores from Karla Engine Components Limited (KECL), a related party. The applicant, Edelweiss Asset Reconstruction Company Ltd (substituted for the original applicant), sought a declaration that these transactions were fraudulent under Section 66 of the Insolvency and Bankruptcy Code, 2016, and requested consequential directions against Respondent Nos. 1 and 2 (suspended directors
…The Corporate Insolvency Resolution Process (CIRP) of M/s Perfect Engine Components Private Limited ('Corporate Debtor') was commenced on 25.01.2023.
M/s ARCK Resolution Professionals LLP, through its Designated Partner Mr. Anil Kohli, was appointed as the Interim Resolution Professional ('IRP').
A public announcement inviting claims was made on 27.04.2023, with the last date for submission as 09.05.2023.
The Committee of Creditors ('CoC') was constituted on 15.05.2023.
The IRP filed a report certifying the constitution of the CoC, which was taken on record by the Tribunal vide order dated 02.06.2023.
In the 4th CoC meeting on 11.08.2023, M/s. BDO India LLP was appointed as the Transaction Review Auditor.
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Corporate Debtor and Karla Engine Components…
Respondent No. 1 became…
The Corporate Insolvency Resolution Process (CIRP) for Perfect Engine Component Private Limited (Corporate Debtor) commenced on 25.01.2023. M/s ARCK Resolution Professionals LLP, through its Designated Partner Mr. Anil Kohli, was appointed as the Interim Resolution Professional (IRP). A Transaction Audit Report (TAR) was commissioned, which identified long outstanding receivables of Rs. 5.91 Crores from Karla Engine Components Limited (KECL), a related party. The applicant, Edelweiss Asset Reconstruction Company Ltd (substituted for the original applicant), sought a declaration that these transactions were fraudulent under Section 66 of the Insolvency and Bankruptcy Code, 2016, and requested consequential directions against Respondent Nos. 1 and 2 (suspended directors
…The Corporate Insolvency Resolution Process (CIRP) of M/s Perfect Engine Components Private Limited ('Corporate Debtor') was commenced on 25.01.2023.
M/s ARCK Resolution Professionals LLP, through its Designated Partner Mr. Anil Kohli, was appointed as the Interim Resolution Professional ('IRP').
A public announcement inviting claims was made on 27.04.2023, with the last date for submission as 09.05.2023.
The Committee of Creditors ('CoC') was constituted on 15.05.2023.
The IRP filed a report certifying the constitution of the CoC, which was taken on record by the Tribunal vide order dated 02.06.2023.
In the 4th CoC meeting on 11.08.2023, M/s. BDO India LLP was appointed as the Transaction Review Auditor.
…Corporate Debtor and Karla Engine Components…
Respondent No. 1 became…