Liquidator's Reliance On Transaction Audit Report Sufficient To File Application For Avoidance Of Preferential Transactions U/S 43 Of IBC: NCLAT
The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that when the Liquidator has got a Transaction Audit Report done and on the basis of which has come to a conclusion that this is a preferential transaction, it cannot be said that he has not formed an independent opinion before filing an application for avoidance of preferential transactions under section 43 of the IBC. Brief Facts The present Appeal is filed by the Appellant, the Suspended Director, under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the Order dated 05.06.2024 passed by the Hon'ble National Company Law Tribunal in I.A. The tribunal further rejected the contention of the appellant that the liquidator should have formed an independent opinion before filing an application for avoidance of preferential transactions under section 43 of the IBC. The tribunal observed that when the Liquidator has got a Transaction Audit Report done and on the basis of which has come to a conclusion that this is a preferential transaction, after which he filed an I.A.
Discover Related
NCLT dismisses insolvency plea against Zomato over alleged payment default
ED attaches properties worth ₹115.86 cr in NSEL fraud case
Court pulls up CBI for ‘fabricating evidence’ in justice Yadav case
Sebi fines ₹5.2 cr on OPG Securities, others in NSE co-location case
HC extends interim stay on FIR order against Madhabi Puri Buch, 5 others
ED attaches Rs 115.86 crore assets in National Spot Exchange laundering case
Supreme Court upholds Piramal’s resolution plan for DHFL, grants it proceeds of funds recovered
SC asks TMC MP to approach SEBI for public disclosure of FPIs
NCLT issues notice to Shapoorji Pallonji Group over insolvency plea
Mohali: 2 excise officers, steel industrialist awarded three-yr RI for tax fraud
Noida: Cyber fraud dupes MNC’s India branch of ₹3.52 cr
Sebi chief warns against "sledgehammer" regulation in complex F&O market
How MP egg seller, UP juice vendor got tax notice on over ₹50 crore they didn't earn
New India bank fraud: Police custody for 2 accused till April 1
Maharashtra Cyber freezes ₹90L defrauded amount in an online scam
Rahul Gandhi meets bank employees worried about retrenchment and privatisation
Front running: Sebi bans five individuals from markets for 1 year, impounds ₹1.53 cr
Sebi issues framework for fast-track follow-on offer by REITs, InvITs
ED attaches ₹557 crore assets in Amtek Auto case
CBI names Nirav Modi’s sister in supplementary charge sheet
Sebi eases rules for foreign investors, alternative investment funds