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TMI Blog2018 (10) TMI 1748X X X X Extracts X X X X X X X X Extracts X X X X ..... 3, 45 and 66 of the Insolvency Code, it is proper and justifiable that a true and correct picture shall emerge only after Forensic Examination. To accomplish this task of Forensic Audit I have perused the list of Auditors and assign M/s. Pipara Co. LLP, Bhawik Madrecha, email id: [email protected] with a direction to complete the assignment within 4 weeks' time within the Fees quoted in the List of Forensic Auditors. Application allowed. - MA 476/2018 And CP (IB) NO. 1042/(MB)/2017 - - - Dated:- 12-10-2018 - MR M. K. SHRAWAT, JUDICIAL MEMBER ORDER 1. This Miscellaneous Application is submitted by the Ld. Resolution Professional on 07.05.2018 seeking Order under the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso informed that several transactions are in the nature of Fraudulent transactions as defined u/s.66 of The Insolvency Code. The Applicant has informed that overseas outstanding dues from 12 parties is approximately to the extent of ₹ 711.89 Crores pending since year 2014. The connected documents were not made available to the Resolution Professional. Surprisingly, the Debtor Company had not taken any step to recover ₹ 711.89 Crores. Under this head of Fraudulent transaction , one more fact has been brought on record that during the Financial Years 2015-16 and 2016-17 the Corporate Debtor had written off amounts of ₹ 368.78 Crores and ₹ 14.03 Crores respectively. The reason to write off the said amounts and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... snatch away any right of a person who is under Investigation. Rather, through an Investigation he can establish his innocence or uprighteousness. In my opinion the Respondent Debtor and the Management are therefore entitled for this opportunity to establish their bona fides and honesty in maintaining the Books of Account of the Debtor Company. Considering the instances of the transactions as defined us/.43, 45 and 66 of the Insolvency Code, it is proper and justifiable that a true and correct picture shall emerge only after Forensic Examination. To accomplish this task of Forensic Audit I have perused the list of Auditors and assign M/s. Pipara Co. LLP, Bhawik Madrecha, email id: [email protected] with a direction to complete the assign ..... X X X X Extracts X X X X X X X X Extracts X X X X
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