# In the matter of Alok Tripathi, Suspended Director vs. Mohit K Gupta, Liquidator

> NCLAT judgment dated 2024-11-08. Citation: TCN-2024-NCLAT-00108. The case involves an appeal against an order dated June 5, 2024, passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 8 Nov 2024
- **Citation:** TCN-2024-NCLAT-00108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/alok-tripathi-suspended-director-vs-mohit-k-gupta-liquidator-0912d045

## Summary

### Background

The case involves an appeal against an order dated June 5, 2024, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in I.A. No. 5166/2023 in CP (IB)/223/ND/2020. The appellant, Alok Tripathi, a suspended director, was directed to deposit Rs. 3,67,900. The corporate debtor faced financial difficulties in 2019 and was placed under CIRP on May 17, 2022, and subsequently under liquidation on October 12, 2022. The liquidator filed I.A. No. 5166 of 2023 under Section 43 of the IBC based on a Transaction Audit Report.

## Facts

The Corporate Debtor was incorporated on April 4, 2013, with a paid-up capital of Rs 66 lakhs. The Corporate Debtor faced a financial crunch in 2019 and sought financial assistance. The Appellant/Director met with Mr. Vijay Thapar, who promised a loan but turned out to be a con artist. The Corporate Debtor was admitted into CIRP on May 17, 2022, and subsequently into liquidation on October 12, 2022. The Liquidator filed I.A. No. 5166 of 2023 under Section 43 of the IBC based on the Transaction Audit Report. The Transaction Audit Report identified preferential transactions amounting to Rs. 3,67,900 in favor of the Appellant/Mr. Alok Tripathi. The Adjudicating Authority directed Mr. Alok Tripathi to pay back Rs. 3,67,900 to the liquidation amount of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the Liquidator had sufficient basis to conclude that the transaction involving the …

**Ratio:** Section 43 of the IBC defines preferential transactions. A corporate debtor is deemed to

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**Reasoning:** The tribunal reasoned that the Liquidator had a Transaction Audit Report that concluded

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**Interpretation:** Section 43 aims to prevent a corporate debtor from favoring certain creditors

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**Application:** The tribunal applied the ratio to the facts by noting that the payment to the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Alok Tri…
- **Respondents:** Benchmark Supply…; Mohit K…

## Timeline

- **2013-04-04 — Incorporation of…**: The Corporate Debtor was incorporated…
- **2019-01-01 — Financial…**: The Corporate Debtor faced a financial crunch and started looking for financial…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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