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Amount directed to be deposited with Corporate Debtor as transaction hit by Section 43 of IBC during CIRP
Case Law Details
- Case Name
- State Bank of India Vs Sidharth Bharatbhushan Jain (NCLT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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State Bank of India Vs Sidharth Bharatbhushan Jain (NCLT Ahmedabad)
NCLT Ahmedabad held that before commencement of insolvency, the assets of the corporate debtor are stripped many a times by the management. The suspended management conceals the data from RP during CIRP process. Amount directed to be deposited with Corporate Debtor as the transaction is hit by provisions of section 43 of the Insolvency and Bankruptcy Code.
Facts- The present application is filed by the Resolution Professional (RP) of Sysco Industries Ltd. (Corporate Debtor). It is stated that vide order dated 08.09.2021 Corpo...
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