# In the matter of Reji Sivankutty & Ors. vs. State Bank of India & Ors. WP(C) NO. 6390 OF 2022

> HC judgment dated 2023-03-09. Citation: TCN-2023-HC-00077. The petitioner, director of Acharya Techno Solutions (India) Private Limited, faced corporate…

- **Court:** HC
- **Order date:** 9 Mar 2023
- **Citation:** TCN-2023-HC-00077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/reji-sivankutty-ors-vs-state-bank-of-india-ors-wp-654206ec

## Summary

### Background

The petitioner, director of Acharya Techno Solutions (India) Private Limited, faced corporate insolvency under the IBC, 2016. The NCLT suspended the Board's powers on 2019-09-13. Liquidation commenced on 2020-02-19, and the second respondent was appointed liquidator. The liquidator found the company repaid Rs.42,50,397 to the petitioner preferentially over trade payables, statutory dues, and salaries for 2017-18. The NCLT, on 2021-12-21, deemed this a 'preferential transaction' and ordered repayment within two weeks. The liquidator was directed to recover the amount. The petitioner appealed to NCLAT, seeking a stay. The NCLT, finding non-compliance, ordered the liquidator to initiate legal proceedings on 2022-01-17, followed by a report request on 2022-01-24. The

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## Facts

The petitioner, Reji Sivankutty, is the director of Acharya Techno Solutions (India) Private Limited. The company faced corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The NCLT suspended the powers of the Board of Directors on 2019-09-13. The liquidation process commenced on 2020-02-19, and Shawn Jeff Christopher was appointed as the liquidator. The liquidator discovered that the company had repaid a loan of Rs.42,50,397 to the petitioner, which was deemed a preferential transaction over other dues. The NCLT ordered the petitioner to return the amount to the liquidator. The petitioner appealed to the NCLAT and sought a stay, which was not granted. The NCLT directed the liquidator to take steps to recover the amount. The

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## Issues and analysis

### Issue 1: Whether the Liquidator has the authority to …

**Ratio:** The legal position regarding the limited scope of interference in matters pending before

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**Reasoning:** The court reasoned that the NCLT had already passed an order freezing the petitioner's

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**Interpretation:** The interpretation of the IBC, as clarified by the Supreme Court, emphasizes

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**Application:** The principle applies to the specific facts by limiting the High Court's

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## Parties

- **Judges:** V.G.A…
- **Appellants:** Reji Siva…
- **Respondents:** Acharya Techno…; State Bank of…
- **Advocates:** Anil D…; TELMA…; +8 more

## Timeline

- **2019-09-13 — NCLT Ord…**: NCLT issued an order suspending the powers of the Board of Directors of Acharya Techno…
- **2020-02-19 — Liquidation Com…**: Liquidation process against the Company commenced, and the second respondent was…

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