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NATIONAL COMPANY LAW TRIBUNAL
ASHOK KUMAR BHARDWAJ, J, REENA SINHA PURI, T
Advani Private Limited – Appellant
Versus
Starlit Power Systems Limited – Respondent
| Table of Content |
|---|
| 1. allegations of undervalued lease. (Para 1 , 4 , 5 , 6) |
| 2. process and audit report procedures. (Para 2 , 3) |
| 3. respondents' defenses to allegations. (Para 7 , 8 , 9 , 10 , 11 , 12) |
| 4. insufficient proof of fraud. (Para 26 , 27 , 28 , 29) |
ORDER
PER: MS. REENA SINHA PURI, MEMBER (T)
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 conduct transaction audit of the CD and assist him in identifying whether the CD had been subjected to any trans
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