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NATIONAL COMPANY LAW TRIBUNAL
SH. Virendrasingh G. Bisht, Member (Judicial), SH. Prabhat Kumar, Member (Technical)
Vijay P. Lulla – Appellant
Versus
Mr. Sumitendra Das & Ors. – Respondent
| Table of Content |
|---|
| 1. application for cirp initiated due to non-cooperation by previous management. (Para 1 , 2 , 3) |
| 2. intent to defraud essential for fraudulent transaction declaration under section 66. (Para 14) |
| 3. verdict allows for partial acceptance of the application with specific directives. (Para 15 , 16) |
ORDER
Per: Prabhat Kumar, Member (Technical)
1. This Application bearing IA No. 5197/2023 is filed by Mr. Vijay P. Lulla, the Resolution Professional of Perpetual Capital & Servicing Private Limited (“Applicant”) in the Coprorate Insolvency Resolution Process (“CIRP”) of Perpetual Capital & Servicing Private Limited (“Corporate Debtor”) under Section 66 of the Insolvency and Bankruptcy Code, 2016 (“Code”) r/w Regulation 35A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 (“CIRP Regulations”) seeking the following reliefs :
a) To declare that the Respondents have been carrying out business of Corporate Debtor with an intent to defraud the creditors with a fraudulent purpose and accordingly the Respondents be directed to make appropriate contributions to the assets of the Corporate Debtor & pass necessary orde
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