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TMI Blog2019 (7) TMI 1629X X X X Extracts X X X X X X X X Extracts X X X X ..... udulent, preferential or undervalued in nature as contended by the Resolution Professional. According to them the transactions in dispute appears not to be genuine as they did not get corresponding purchase receipts of 4 out of such 6 transactions. In this case, the Forensic Audit was carried. The Auditor clearly opined that the creditors of the Corporate Debtor were not defrauded due to transactions in question. The transactions cannot be said to be fraudulent in nature. PWC opined some transactions to be suspicious because they did not get some correspondence purchase receipt - it is not enough to draw conclusion that transaction in question carried by the respondent in fraudulent manner. Application dismissed. - CA (IB) NO. 401 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e overall receivables balances from ASL as it owed to OMML. Accordingly, the aforesaid purchases and sales transactions have been classified under Section 66 (Fraudulent transactions). 3. On the basis of above report the Resolution Professional filed this application under Section 66 of Insolvency and Bankruptcy Code, 2016 as above. 4. Notice of this application was served on the ex-Directors of the Corporate Debtors (the respondents). They appeared in the matter. They filed affidavit-in-reply and denied all allegations. They also explained in their reply each and every transaction regarding which the Resolution Professional and PWC raised some suspicion. They prayed for dismissal of the application. 5. In this case, State Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t again reproduced for ready reference it is as follows - In light of the sequence of events and the evidences reviewed, discussions held and observations arising from the review, it seems that the above set of transactions may not be genuine, either on the sales or the purchase side. It is not clear what was the motive behind these transactions and in case these were indeed carried out to substantially decrease/write off the overall receivables balances from ASL as it owed to OMML. Accordingly, the aforesaid purchases and sales transactions have been classified under Section 66 (Fraudulent transactions). 8. It is also seen from the record that the State Bank of India - one of the Member of the Committee of Creditors also carried ..... X X X X Extracts X X X X X X X X Extracts X X X X
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