Court Declares Fraudulent Transactions Null, Stresses Strict Adherence to Insolvency Rules for Financial Creditors in CIRP Case.

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Full Text of the Document

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....Initiation of CIRP - financial creditor or not - Validity of cash transactions - ‘if a statute provides for a thing to be done in a particular manner, then it has to he done in that manner and in no other manner’ - the cash transactions claimed to have been made by the Applicant are sham, fraudulent and the same are declared as null and void.....