The dispute traces back to a Section 9 petition filed by AS Met Corp before the NCLT, Hyderabad seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor over alleged unpaid dues of about ₹3.79 crore.
It was contended that a large-scale fraud had taken place involving collusion between employees and suppliers, including the operational creditor. According to the corporate debtor, an internal audit initiated in December 2021 revealed discrepancies such as fake invoices, absence of vehicle movement and irregularities in transactions.
A first information report (FIR) was registered on June 30, 2022 alleging offences including cheating, forgery and criminal conspiracy.
By its order dated July 14,…