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NATIONAL COMPANY LAW TRIBUNAL
HARNAM SINGH THAKUR, MEMBER (JUDICIAL), SUBRATA KUMAR DASH, MEMBER (TECHNICAL)
Seashells Infrastructure Pvt. Ltd. – Appellant
Versus
Rajpur Hydro Power Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. filing of application by erstwhile resolution professional under ibc (Para 1 , 2) |
| 2. claims of preferential treatment of related parties (Para 4 , 5 , 10) |
| 3. court's assessment of undervalued sales and market conditions (Para 7 , 8 , 27) |
| 4. final conclusion and dismissal of the application (Para 9 , 32) |
| 5. finding of no fraudulent intent regarding the transactions. (Para 28 , 29) |
JUDGMENT
This application has been filed on behalf of the erstwhile Resolution Professional of Rajpur Hydro Power Private Limited under Sections 45 & 48 of the Insolvency and Bankruptcy Code, 2016 with a prayer to direct the respondents' Nos. 1, 2, 4 and 5 to pay an amount of Rs. 5.61 Lakhs to the erstwhile Resolution Professional in respect of benefit received by purchasing a car at an undervalued price in terms of Section 48 of IBC and also to direct respondent Nos. 3,6 and 7 to pay an amount of Rs. 15.34 Lakhs to the erstwhile RP in respect of purchase of acre at an undervalued price in terms of Section 48 of IBC.
2. The facts as stated by the applicant are as under:
i. Pursuant to the admission of the corporate debtor on 11.07.2017, the Resolution Professional appointed T.R. Chadha & Co. LLP
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