2022 (5) TMI 1718

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....dv. For the Respondent: Shri Ramakant Mishra, Assistant Solicitor General for the UOI/respondent No. 1, Shri Ashutosh Mishra, Panel Lawyer for the State/ respondents No. 2 to 4 and Shri Anand Shukla, Adv. for the respondent No. 9. ORDER 1. Heard Shri Y.C. Sharma, Sr. Advocate with Ms Shailja Shukla, Adv. for the petitioners, Shri Ramakant Mishra, Assistant Solicitor General for the UOI/re....

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.... as also business creditor meaning thereby both financed for business and also for running day-to-day business transaction. 4. Learned counsel would submit that the financial credit of Rs.5.00 crores was promised and 49% equity share got pledged, but instead only Rs.3.75 crore was released that too at the rate of 24% and Rs. 1.25  crore was not given thereby fraud was committed. He would n....

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....on of the property was made known to it, thereby again a fraud was committed. He would submit that the valuation of the report is always strictly confidential and the same would show that everything was made known thereby the very object of the provisions of the Insolvency and Bankruptcy Code, 2016 was defeated on the basis of fraud and lower valuation of the factory building was made. 6. He wo....

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....rused the documents. 8. The documents would show that the financial applicant gave a valuation report, which was shared by the Resolution Professional, therefore, the allegation of fraud which has been made by the petitioners to the police, prima facie, needs to be looked into. With respect to additional collateral security of mortgage for release of Rs. 1.25  crores it also contradicts th....