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NATIONAL COMPANY LAW TRIBUNAL
VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL), SANJIV JAIN, MEMBER (JUDICIAL)
DBS Bank India Ltd – Appellant
Versus
Gonglu Agro Pvt Ltd – Respondent
| Table of Content |
|---|
| 1. court announces parties present. (Para 1) |
| 2. liquidator's application under ibc. (Para 3) |
| 3. respondents present their replies. (Para 4 , 5 , 6 , 7 , 8) |
| 4. court's analysis of fraudulent trading. (Para 10) |
| 5. application dismissed. (Para 11 , 12) |
ORDER
(Heard through Hybrid Mode)
1. This application has been filed under Section 66 of Insolvency and Bankruptcy Code, 2016 (hereinafter, IBC, 2016) by the Liquidator of Gonglu Agro Private Limited (Corporate Debtor) seeking the following reliefs:
(a) To direct Respondent No. 1 to contribute to the assets of the Corporate Debtor an amount equivalent to the sum of Rs.38,58,94,406/- towards reversal of fraudulent transaction (as detailed in para 15-23);
(b) To direct Respondent No. 1 and 2 to contribute to the assets of the Corporate Debtor an amount equivalent to the sum of Rs.1.22 crore towards reversal of fraudulent transaction (as detailed in para 24-29);
(c) To direct Respondent No. 5 to 7 to contribute to the assets of the Corporate Debtor amounts of Rs.3,34,07,629/-, Rs.9,18,82,958/-and Rs.8,93,03,190/- respectively and adjustment of the liability shown as standing in books of the CD towards its related party and holding co
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