The case involves an application filed by the Interim Resolution Professional (IRP) of Wadhwa Buildcon LLP, seeking to declare certain payments made by the respondents as illegal and in contravention of Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016.
CIRP was initiated against Wadhwa Buildcon LLP on 28.07.2020.
Rakesh Kumar Tulsyan was initially appointed as the Interim Resolution Professional (IRP).
Manish Lalji Dawda was appointed as the new Resolution Professional (RP) on 02.07.2024.
The IRP filed an application claiming that payments made on 28.07.2020 and 30.07.2020 by Respondent No. 1 and Respondent No. 2 from the corporate debtor's account violated Section 14 of the IBC.
The payments in question were made to M/s. Jupiter Enterprises, M/s. Winsome Traders, and Mr. Shankar P. Malani, totaling Rs. 60,78,200/-.
The respondents argued that the payments were operational transactions made in the ordinary course of business and were not communicated to them until 02.08.2020.
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CIRP initiated…
Payments made by Respondent No. 1 and…
The case involves an application filed by the Interim Resolution Professional (IRP) of Wadhwa Buildcon LLP, seeking to declare certain payments made by the respondents as illegal and in contravention of Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016.
CIRP was initiated against Wadhwa Buildcon LLP on 28.07.2020.
Rakesh Kumar Tulsyan was initially appointed as the Interim Resolution Professional (IRP).
Manish Lalji Dawda was appointed as the new Resolution Professional (RP) on 02.07.2024.
The IRP filed an application claiming that payments made on 28.07.2020 and 30.07.2020 by Respondent No. 1 and Respondent No. 2 from the corporate debtor's account violated Section 14 of the IBC.
The payments in question were made to M/s. Jupiter Enterprises, M/s. Winsome Traders, and Mr. Shankar P. Malani, totaling Rs. 60,78,200/-.
The respondents argued that the payments were operational transactions made in the ordinary course of business and were not communicated to them until 02.08.2020.
…CIRP initiated…
Payments made by Respondent No. 1 and…