Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Insolvency and BankruptcyMarch 29, 2023Case LawsAT
Initiation of CIRP - Financial Creditors or Operational creditors - Upon execution of agreement of COR, the Appellant as a Financier discounted the invoice and deposited the amounts into an escrow/nodal account maintained by KredX with an escrow/nodal agent, namely, Yes Bank Limited who further transferred the said amount to the account of the Seller and on receiving, the Seller transferred its right to receive the money under the invoices in favour of the Financiers/Appellants. - In this transaction, the money was never disbursed much less for the time value as a financial debt to the Corporate Debtor - Application u/s 7 rightly rejected - AT
Initiation of CIRP - Financial Creditors or Operational creditors - Upon execution of agreement of COR, the Appellant as a Financier discounted the invoice and deposited the amounts into an escrow/nodal account maintained by KredX with an escrow/nodal agent, namely, Yes Bank Limited who further transferred the said amount to the account of the Seller and on receiving, the Seller transferred its right to receive the money under the invoices in favour of the Financiers/Appellants. - In this transaction, the money was never disbursed much less for the time value as a financial debt to the Corporate Debtor - Application u/s 7 rightly rejected - AT
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