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NATIONAL COMPANY LAW TRIBUNAL
MS. REENA SINHA PURI, T, SH. ASHOK KUMAR BHARDWAJ, J
Advani Private Limited – Appellant
Versus
Starlit Power Systems Limited – Respondent
| Table of Content |
|---|
| 1. application for declaring transactions as fraudulent. (Para 1 , 2 , 3) |
| 2. allegations of undervalued transactions and the lease arrangement. (Para 4 , 5 , 6 , 7 , 8) |
| 3. claims regarding non-genuine debtors and transaction routing. (Para 9 , 10 , 11 , 13) |
| 4. court's ruling on proof requirement for fraud claims. (Para 26 , 27 , 28 , 29) |
ORDER
PER: MS. REENA SINHA PURI, MEMBER (T)
IA-6485/2023
The present IA No. 6485 of 2023 has been preferred by Ms Reshma Mittal, the Resolution Professional (Applicant/RP) of the Corporate Debtor, M/s Starlit Power Systems Ltd (CD) before this Adjudicating Authority under Section 66 of the IBC, [ Insolvency and Bankruptcy Code, 2016 ] for declaring certain transactions as fraudulent transactions and directing the Respondents to make contribution of Rs 12.29 crores to the assets of the CD.
2. The factual backdrop of the case is the admission of the CD into CIRP by order dated 20.03.2023 of this Adjudicating Authority Tribunal and appointment of Mr Khushvinder Singhal Nas as the Interim Resolution Professional (IRP) in terms of the aforementioned order. On 17.05.2023, the IRP appointed M/s Ashok Shyam & Associate as Transaction Auditor to c
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