The Tribunal found fraudulent transactions intended to defraud creditors and ruled for contributions to the assets of the Corporate Debtor under Section 66 of the Insolvency and Bankruptcy Code, 2016.

ORDER

1. The present application is being filed by the Applicant, the Resolution Professional (RP) of Sunpower Solar Technick Private Limited under the provisions of section 66 with other provisions, applicable if any, of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules. 2016 seeking reliefs/directions as under:

A. to pass appropriate order(s) and direction(s) under section 66 of the Code to make necessary contributions to the assets of the Corporate Debtor within stipulated timelines, against the Respondent No. 1 to 3.

B. To pass appropriate order(s) and direction(s) under section 66 of the Code against the Respondent Nos. 4 to 9 to make necessary contributions to the assets of the Corporate Debtor within stipulated timelines, by repaying the entire amounts outstanding in the books of the Corporate Debtor totalling to Rs. 87,86,58,101/- plus applicable interest at the rate of 18% per annum.

C. To pass such orders as the Hon’ble Tribunal may deem fit under section 67 of the Code.

D. To direct the Central Government to order for investigation into the affairs of the Corporate Debtor as contemplated u/s 210(2) of Companies Act, 2013 .

2. The facts in brief as mentioned in this Application are as under:

i) Based on the Company Petition by the Financial Creditor namely Sriram City Union Finance Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 (referred as "Code") read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (referred as "IB Rules") before the Hon’ble National Company Law Tribunal, Hyderabad Bench, (referred as "NCLT), the Bench vide the Order dated 13 November 2019 ordered Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor to be completed within 180 days from the date of the order.

ii) The Tribunal appointed the Applicant as an Interim Resolution Professional (IRP) and directed the IRP to take charge of the Management of the Corporate Debtor immediately. The IRP has been appointed as RP by the committee of creditors in their first CoC meeting.

iii) Pursuant to the said order dated 13th November 2019 received on 18th November 2019, the IRP (Applicant) made the Public Announcement under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 on 20th November 2019 i.e. within 3 days from the date of receipt of the Order passed by the Hon’ble Tribunal seeking claims in the manner prescribed under the Code.

iv) As directed by the Tribunal in its order dated 13th November 2019, the Applicant, to comply with the provisions of Section 13, 15, 17 and 18 of the Code, made necessary intimations to the statutory authorities, suspended Directors who are the Promoters, Banks of the corporate debtor intimating the appointment of IRP and the commencement of CIRP pursuant to Section 7 of the Code against the Corporate Debtor and further sought their assistance and cooperation for discharging the functions of the Applicant as IRP under Section 20 of the Code.

v) The notice issued to the 1^st Respondent herein Sri.Kasturi Satyan was returned undelivered with the postal remark "LEFT". However, the 1st Respondent met the IRP, the applicant herein at his office and gave his present address and informed that the 1st Respondent shall ensure that all the financial statements and annual returns, overdue, shall be filed with the Registrar of Companies immediately. The IRP personally served the copy of the letter sent and returned along with the docum