Ms. Shirley Mathew Resolution Professional of Maylari Agro Products Limited vs Shri. Mahesh Former Director of Maylari Agro Products Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Online)(NCLT) 1679

NATIONAL COMPANY LAW TRIBUNAL
Hon’ble (Retd.) T. Krishnavalli, Member (Judicial), Hon’ble Shri Manoj Kumar Dubey, Member (Technical)
Ms. Shirley Mathew Resolution Professional of Maylari Agro Products Limited – Appellant
Versus
Shri. Mahesh Former Director of Maylari Agro Products Limited – Respondent

Advocates:
For the Applicant : Ms. Aishwarya Prasad
For the Respondent: None

Table of Content
1. application filed under ibc for claim against former directors. (Para 1 , 2 , 3)
2. insufficient evidence to prove fraudulent intent. (Para 4 , 12 , 13 , 14 , 19)
3. discussion on potential preferential and undervalued transactions. (Para 8 , 9 , 10 , 11)
4. court's ruling on fraudulent and undervalued transactions. (Para 15 , 16)
5. final decision to dismiss the application. (Para 20 , 21)

ORDER

Per: BENCH

1. The present Application is filed on 11/03/2022 by the Resolution Professional of Maylari Agro Products Limited (hereinafter referred to as “Corporate Debtor”) under section 43, 45 read with section 66(1) and 60 (5) of the IBC, 2016, interalia praying that this Tribunal my direct:

i. An order in terms of Section 44(1)(d) of the Code, directing the Respondent Nos 1 & 2 to pay a sum of Rs 1,61,93,400/- in respect of the benefits received by them.

ii. An order in terms of Section 44(1)(d) of the Code, directing the Respondent Nos 3 to pay a sum of Rs 25,000/- in respect of the benefits received by them.

iii. An order in terms of Section 44(1)(d) of the Code, directing the Respondent Nos 4 to pay a sum of Rs 52,000/- in respect of the benefits received by them.

iv. An orde

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