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Net4 domains now parked after “fraud” ruling
The primary operating domain names of disgraced registrar Net 4 India are now parked, after the company lost its ICANN accrediation and was hit by a finding of fraud in an insolvency case.
The names net4.com and net4.in, which once hosted its customer-facing retail site, now return parking pages.
It emerged in recent court documents that Net4 paid $14,068 for net4.com in March 2011 via Sedo.
Net4 saw its ICANN termination terminated in May. All of its gTLD domains under management were transferred to PublicDomainRegistry, which also made side deals with registries to accept .tv, .me and .cc domains.
.in registrant were being dealt with by NIXI, the local ccTLD registry.
Net4 had been in insolvency proceedings for a few years before its customers started noticing serious problems renewing and transferring their names, or even contacting customer support.
Now it emerged that the insolvency court in late May found that Net4 had acted “fraudulently” in order to “defraud” its creditors.
The company had defaulted on millions of dollars in loans from the State Bank of India, debts that were subsequently sold to a debt recovery company called Edelweiss, which filed for Net4’s insolvency.
In a lengthy and complex May ruling (pdf), the Delhi insolvency court found that Net4 had transferred its primary operating assets including its domains, trademarks and registrar business to a former subsidiary, Net4 Network, in order to keep them out of the hands of Edelweiss.
Net4 had “fraudulently transferred” the assets in “undervalued and fraudulent transactions” designed to put the assets “beyond the reach of the Creditors so as to defraud the Creditors”, the court ruled.
The court ruled that the resolution professional handling the case is now free to pursue Net4 Network and its director for the money that would have otherwise have been held by Net4 proper.
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