Corporate Insolvency Resolution Process initiated. Applicant ...

Firm in insolvency, transactions worth Rs. 3.87 cr under scrutiny, vehicle transfer post-initiation deemed fraudulent, respondents to contribute Rs. 13.75 lakh.

September 29, 2024

Case Laws IBC Tri

Corporate Insolvency Resolution Process initiated. Applicant alleged transactions worth Rs. 3.87 crores as preferential or fraudulent, seeking recovery from respondents. Tribunal unable to classify Rs. 3.87 crore transactions due to lack of information. One vehicle transferred post-CIRP initiation treated as fraudulent transaction. u/s 66(2)(b) IBC, respondents directed to contribute Rs. 13,74,585 to Corporate Debtor's assets for failure to exercise due diligence in minimizing potential loss to creditors. Application partly allowed.

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Corporate Insolvency Resolution Process initiated. Applicant ...

Firm in insolvency, transactions worth Rs. 3.87 cr under scrutiny, vehicle transfer post-initiation deemed fraudulent, respondents to contribute Rs. 13.75 lakh.

September 29, 2024

Case Laws IBC Tri

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