You are a part of a credible, practising firm of Company Secretaries Firm based out of Bengaluru. You are also a Director on the Board, Chairman and/or Member of Committees of the Board of many listed and unlisted entiti

You are a part of a credible, practising firm of Company Secretaries Firm based out of Bengaluru. You are also a Director on the Board, Chairman and/or Member of Committees of the Board of many listed and unlisted entities. During the month of September and October, 2023 you had been approached by the following entities/persons seeking your expert professional advice and the remedies to overcome the issues. The key facts of the matter to be resolved is as under: Facts relating to 'Gamma Limited': There was a corporate insolvency resolution process against Gamma Limited by one of its Operational Creditor, Beta Limited. Mr. 'M' was appointed as the Interim Resolution Professional who is a partner of M & Company, a consulting firm, which had transactions of following amounts with Gamma Limited during the last five years: Financial Year Turnover of M & Co. (in Lakhs) Total Amount of Transactions with Gamma Limited during each F.Y. (in Lakhs) 2018-2019 360 20 2019-2020 360 18 2020-2021 380 18 2021-2022 400 20 2022-2023 420 18 All the financial creditors of Gamma Limited were related parties and it had 28 operational creditors. Based on the above inputs, you are requested to go through the following queries meticulously and answer the following questions: In which of the following options, Mr. M would have been ineligible to be appointed as the Interim Resolution Professional of Gamma Limited: (i) M & Company would have entered into transaction(s) of further amount of ₹1 Lakh or more with Gamma Limited during any of the last 5 financial years. (ii) M & Company would have entered into transaction(s) of further amount of ₹2 Lakhs or more with Gamma Limited during any of the last 3 financial years. (iii) M & Company would have entered into transaction(s) of further amount of more than ₹3 Lakhs with Gamma Limited during the last 3 financial years. (iv) M & Company would have entered into transaction(s) of further amount of more than ₹4 Lakhs with Gamma Limited during the last 3 financial years.