2019 (10) TMI 1274

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..... on 75 of the Insolvency Code moved from the side of Corporate Debtor in which certain allegations are made, this Bench is of the considered view that during the entire loan process, due diligence was not carried out, So as to examine the correct position of Loan account for same be examined by the professional of this field. This Bench hereby appoints PWC Mr. Gaganpreet Singh Puri Partner, Pri .....

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..... called from the side of the Bank a recently briefed Learned Counsel appeared along with lawyers having due authorization to represent the matter on 18.09.2019 i.e on the last occasion after detailed discussion and on examination of the Bank statements as submitted by the Bank ,a query has been raised to demonstrate the physical disbursement actual transfer of loan amount in the account of the Res .....

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..... solvency Code moved from the side of Corporate Debtor in which certain allegations are made, this Bench is of the considered view that during the entire loan process, due diligence was not carried out, So as to examine the correct position of Loan account for same be examined by the professional of this field. 4. As a consequence this Bench hereby appoints PWC Mr. Gaganpreet Singh Puri Partner .....

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..... xamine whether the loan allegedly granted after the disbursement of ₹ 25 Crores has been transferred to Escrow account was merely an internal adjustment in the account of the Bank and not meant for the purpose of use of Corporate Debtor. Therefore, each information of each entry is required to be submitted by the auditor. (c) The Auditor shall also submit a clear Report about the document .....

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..... be read along with proposal dated 24.09.2019 therein affirmed that a sum of ₹ 1 Crore in one account and ₹ 50 lakhs in another file have already been departed in no-lien Bank Account. Today, the Learned Counsel of the Bank has expressed his inability to communicate the mandate in this regard pending for consideration before the Allahabad Bank Authorities. Matter be listed for next h .....

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