Back
NATIONAL COMPANY LAW TRIBUNAL
Chitra Hankare, Dr. Velamur G Venkata Chalapathy, JJ
Shalabh Kumar Daga Liquidator of Silver Proteins Pvt Ltd – Appellant
Versus
Himanshu J Domadia – Respondent
| Table of Content |
|---|
| 1. introduction of application under ibc sections. (Para 1 , 2) |
| 2. discussion on financial discrepancies and auditor's findings. (Para 3 , 10 , 14) |
| 3. respondents' denial of allegations and justification of transactions. (Para 4 , 5 , 6) |
JUDGMENT
1. This application is filed under Sections 60 (5), 43, 45 and 49 of the IBC, 2016. The applicant is the liquidator of M/s. Silver Proteins Pvt. Ltd. situated in Gujarat. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Silver Proteins Pvt. Ltd. on an application filed by the financial creditor i.e. Central Bank of India, from 29.06.2020 in CP (IB) 554 of 2018. Liquidation order was passed on 27.01.2021.
2. The brief facts of the case are that on verification of books of account (Tally Data) and other documents, it was observed by the auditor that the company had made payment of Rs.89.77 lakhs in the name of repayment of unsecured loans to directors/related parties two years prior to CIRP. It was also found that unsecured loans outstanding from 2014-15 were repaid during 2018-19. So there are probable chances that these are preferential transactions as per Section 43 of IBC. The applicant also stat
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
