(SLDPL). The petition alleges fraud, misrepresentation, and regulatory violations in the handling of the company’s insolvency proceedings.
Allegations of Round-Tripping and Loan Evergreening
SLDPL has been under the Corporate Insolvency Resolution Process (CIRP) since 2021 after its account was flagged as stressed. Singh, removed from the management post-CIRP initiation, claims that the insolvency proceedings were based on collusive and flawed dealings between Yes Bank and Suraksha ARC.
According to the petition, the transfer of SLDPL’s loan from Yes Bank to Suraksha ARC was not a conventional distressed asset sale but part of a circular funding mechanism. Singh alleges that Yes Bank indirectly financed Suraksha’s debt…