{"id":39305,"date":"2022-04-30T22:43:12","date_gmt":"2022-04-30T17:13:12","guid":{"rendered":"https:\/\/tradebrains.in\/features\/ncr-educomp-insolvency-fraud\/"},"modified":"2022-04-30T22:43:12","modified_gmt":"2022-04-30T17:13:12","slug":"ncr-educomp-insolvency-fraud","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/ncr-educomp-insolvency-fraud\/","title":{"rendered":"NCLT-chosen &#8216;resolution professional&#8217; for EISML insolvency, two others chargesheeted for cheating"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3616170234\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Gurugram, Apr 30 (PTI) The Gurugram police has indicted three people, including a \u2018resolution professional\u2019 appointed by the National Company Law Tribunal for the revival of Educomp Infrastructure &#038; Schools Management Limited as a corporate debtor amid its insolvency process, for cheating it instead.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1424869534\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> \t Police filed a chargesheet in a court here indicting Resolution Professional Ashwani Mehra for cheating and doing it with the knowledge that it would cause wrongful loss to a person or entity whose interest he was bound to protect, under sections 420 and 418 of the Indian Penal Code.<\/p>\n<p> \t The EISML, which is also facing a CBI FIR for alleged cheating and fraud by it after borrowing a sum of Rs 1,955 crore from a consortium of banks and diverting the same to unauthorised entities, had earlier approached the NCLT to be declared insolvent.<\/p>\n<p> \t As part of the insolvency process, the NCLT, in turn, had appointed Mehra as the resolution professional for EISML\u2019s revival as a corporate debtor, the chargesheet said.<\/p><div class=\"trade-content_5\" id=\"trade-422252252\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> \t But Mehra, despite being an insolvency or resolution professional, considered the backbone of the insolvency process and mandated by law to keep the process transparent and fair,  \u201crigged the entire process\u201d, the chargesheet said.<\/p>\n<p> \t Two others who were indicted in the chargesheet are Kroll Associates\u2019 managing Director Tarun Bhatia and Duff &#038; Phelps India\u2019s MD Aviral Jain.<\/p>\n<p> \t In its chargesheet, the police said the three accused were \u201cinvolved in fraud, illegalities, siphoning off huge sums of money for personal benefits, defrauding bankers, creditors of the company, causing loss to the public exchequer and filing false reports to intimidate the ex-management of the company (EISML)\u201d.<\/p>\n<p>       &#8220;In this case, main accused Mehra, appointed as RP in the Corporate Insolvency Resolution Process (CIRP) of EISML by the NCLT, abused his position to make huge financial gains by appointing Kroll and Associates for financial audits as well as his own firm as a consultant&#8221;, the chargesheet said.<\/p>\n<p>       The accused were doing this to derail the Educomp\u2019s insolvency process and file false complaints against it which led to its harassment, police said in its chargesheet.<\/p>\n<p>       The chargesheet said Mehra got conducted two forensic audits of EISML\u2019s by Kroll at an extraordinarily high fee of more than Rs 50.74 lakh besides paying it a legal fee of Rs 73.87 lakh.<\/p><div class=\"trade-content-10\" id=\"trade-2936544206\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>       Dwelling upon Duff &#038; Phelps\u2019 alleged complicity in the cheating, the chargesheet said Mehra is also its managing partner and has a consulting agreement with it.<\/p>\n<p> \t The chargesheet said he appointed Duff &#038; Phelps\u2019 fully-owned undertaking Kroll and Associates for forensic audits of ESIML in a \u201cblatant misuse of powers for personal gains\u201d.<\/p>\n<p> \t The chargesheet also said Mehra has a commission arrangement with Duff &#038; Phelps, headed by its MD Aviral Jain and he was entitled to a commission for every business he brought to them. PTI CORR  RAX RAX<\/p>\n<div class=\"trade-after-content\" id=\"trade-3741063823\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Gurugram, Apr 30 (PTI) The Gurugram police has indicted three people, including a \u2018resolution professional\u2019 appointed by the National Company Law Tribunal for the revival of Educomp Infrastructure &#038; Schools Management Limited as a corporate debtor amid its insolvency process, for cheating it instead. Police filed a chargesheet in a court here indicting Resolution Professional [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-39305","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT-chosen &#039;resolution professional&#039; for EISML insolvency, two others chargesheeted for cheating - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/ncr-educomp-insolvency-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT-chosen &#039;resolution professional&#039; for EISML insolvency, two others chargesheeted for cheating\" \/>\n<meta property=\"og:description\" content=\"Gurugram, Apr 30 (PTI) The Gurugram police has indicted three people, including a \u2018resolution professional\u2019 appointed by the National Company Law Tribunal for the revival of Educomp Infrastructure &#038; Schools Management Limited as a corporate debtor amid its insolvency process, for cheating it instead. 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