TaxTMI 
TaxTMI 
2018 (10) TMI 1748
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....itted by the Ld. Resolution Professional on 07.05.2018 seeking Order under the provisions of Sections 43, 45 and 66 of The Insolvency & Bankruptcy Code, 2016. Further, the Applicant has also made a Prayer to give direction for Forensic Audit and Investigation in respect of the affairs of the Corporate Debtor i.e. M/s. P & S Jewellery Limited. 2. It is stated in this Application that the Resolutio....
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....ety" which is given on rent on a monthly License Fees of Rs. 15,000/- to Mrs. Nikita A. Shah and Saumil C. Shah much below the prevailing market value. The transactions of this nature are therefore under the category of "Undervalued transaction', as defined u/s. 45 of the Insolvency Code. 2.(c) Further, the Applicant has also informed that several transactions are in the nature of "Fraudulen....
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.... decision taken by the Corporate Debtor. 3. From the side of the Respondent Debtor an allegation has been raised that the Resolution Professional had acted in unethical and arbitrary manner. It is pleaded that Resolution Professional ought to have acted diligently as a Public Servant but failed to do so, hence complained to IBBI for disciplinary action. 3.1 It has also been pleaded that CIRP had....
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....and the representation of both the sides, I am of the preliminary view that merely an Investigation do not snatch away any right of a person who is under Investigation. Rather, through an Investigation he can establish his innocence or uprighteousness. In my opinion the Respondent Debtor and the Management are therefore entitled for this opportunity to establish their bona fides and honesty in mai....