Interim Plea Filed in NCLT Against Suraksha ARC Over Fraud Allegations
A suspended director of Sapphire Land Development Pvt. Ltd. (SLDPL) has moved the National Company Law Tribunal (NCLT), Mumbai against Suraksha Asset Reconstruction Company (ARC) alleging fraud, irregularities, and violations of regulatory norms in the company’s insolvency process.
The application was filed by Lakhminder Dayal Singh, who served as director of SLDPL before it was admitted into the Corporate Insolvency Resolution Process (CIRP) in 2021. Singh claims that the very foundation of the case is flawed and rests on questionable arrangements between Yes Bank and Suraksha ARC.
The case is likely to be heard by the NCLT in the coming weeks.
Singh’s plea argues…