Back
NATIONAL COMPANY LAW TRIBUNAL
DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, SH. CHARAN SINGH, JJ
JM Financial Asset Reconstruction Company Ltd – Appellant
Versus
Bheema Cements Ltd – Respondent
| Table of Content |
|---|
| 1. filing of application under ibc (Para 1 , 2 , 3) |
| 2. allegations of fraudulent transactions (Para 4 , 5 , 6) |
| 3. details of alleged fraudulent transactions (Para 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20) |
| 4. respondents' defense and counterarguments (Para 21 , 22 , 23) |
| 5. court's analysis of fraudulent transactions (Para 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31) |
| 6. order for contribution to cirp account (Para 32) |
| 7. conclusion and disposal of application (Para 33) |
ORDER
1. The present Application was initially filed by G Madhusudhan Rao, ‘Resolution professional’ (herein after referred as ‘RP’) of ‘M/s. Bheema Cements Limited’ (herein after referred as ‘Corporate Debtor’), subsequently amended the Applicant as Resolution Applicant of Corporate Debtor (herein after referred as ‘SRA’) against the Ex- Directors of the Corporate Debtor under Section 66 of ‘The Insolvency and Bankruptcy Code, 2016’ (hereinafter referred as ‘IBC’) read with rule 15 of NCLT Rules, 2016, Seeking the following reliefs:
i. Diverting the funds of the Company to the tune of Rs.37,45,46,263/- as payments to Vendors M/s Bharani Commodities Private Limited and M/s Hyderabad Steels without supporti
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
