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  • Writer's picturePooja Mahajan

C&M successfully represented Mr. Krishna Chamadia, the erstwhile Resolution Professional/ Liquidator of Usher Agro Limited


We successfully represented Mr. Krishna Chamadia, the erstwhile Resolution Professional/ Liquidator of Usher Agro Limited in an application filed under Section 66 of the IBC in respect of fraudulent and wrongful trading transactions involving the company’s past management. The impugned transactions entailed bogus trade receivables, fraudulent inclusion of damaged stock in stock statements and dubious advances.

 

In a significant order, Bench I of NCLT Mumbai held that the affairs of the company had been carried out with the intent to defraud its creditors and, accordingly, directed the ex-promoter/ directors of the company to contribute a total amount of ~INR 993 Cr for the benefit of the creditors of the company.

By another order, NCLT also allowed the application for dissolution of the company.

 

Our team comprised Pooja Mahajan, Managing Partner and Head of Restructuring & Insolvency Practice, Mahima Singh, Counsel, Nishant Sogani, Managing Associate, Saurabh Bachhawat, Senior Associate and Shrishti Agnihotri and Priyanka Pandey, Associates.

 



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