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NATIONAL COMPANY LAW TRIBUNAL
Ms. Lakshmi Gurung, Sh. Charanjeet Singh Gulati, JJ
Bhrugesh Amin Resolution Professional of Smaaash Entertainment Private Limited – Appellant
Versus
Fun Gateway Arena Private Limited – Respondent
| Table of Content |
|---|
| 1. resolution professional seeks reliefs regarding fraudulent transactions. (Para 1 , 2 , 3 , 5) |
| 2. discussion on due diligence in asset disposal. (Para 6 , 10 , 12) |
| 3. allegations of intent to defraud creditors. (Para 7 , 8 , 11 , 13 , 14) |
| 4. respondents argue transaction is legitimate and not fraudulent. (Para 17 , 18 , 19 , 21 , 22 , 23) |
| 5. respondents assert normal course of business transactions. (Para 29 , 30 , 31 , 32 , 33) |
| 6. court's analysis of director's conduct and potential fraudulent intent. (Para 49 , 52 , 53 , 54) |
| 7. observations on financial distress and ongoing transactions. (Para 57 , 68 , 73) |
| 8. court holds transaction fraudulent and charges liability. (Para 78 , 79 , 80) |
| 9. final orders and liability of parties established. (Para 86 , 90) |
Per: Ms. Lakshmi Gurung, Member (Judicial
1. The present Interlocutory Application has been filed by the Resolution Professional (Applicant) of Smaaash Entertainment Private Limited (Corporate Debtor), seeking following reliefs:
a. Order and declare that the Impugned Transaction i.e. disposal of valuable fixed assets for Pune Mall in favour of Respondent No. 1 without being paid the entire consideration and further, Respon
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