# In the matter of Amardeep Singh Bhatia Vs. Abhishek Nagori Liquidator for Asian Natural Resources (India) Ltd., Company Appeal AT)(Ins) No. 671 of 2020

> NCLAT judgment dated 2022-11-28. Citation: TCN-2022-NCLAT-00063. This case involves an appeal against an order passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLAT-00063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/amardeep-singh-bhatia-vs-abhishek-nagori-liquidator-for-asian-natural-resources-97e46414

## Summary

### Background

This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Indore Bench, Ahmedabad. The NCLT order allowed the Liquidator of Asian Natural Resources (India) Limited to scrutinize transactions executed by the Corporate Debtor beyond two years from the insolvency commencement date, specifically from 01.04.2008. The Liquidator sought this permission to investigate potential undervalued, preferential, and fraudulent transactions. The appeal challenges the NCLT's decision, arguing that the Liquidator's investigation should be limited to two years prior to the insolvency commencement date, as per the Insolvency and Bankruptcy Code (IBC). The appellant contends that the Adjudicating Authority erred in permitting the investigation of

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## Facts

The case arises from the insolvency proceedings of Asian Natural Resources (India) Limited. The Liquidator, Abhishek Nagori, sought to investigate certain transactions of the Corporate Debtor, suspecting undervalued, preferential, and fraudulent activities. The Insolvency Commencement Date (ICD) is 23.05.2017. The Liquidator requested documents and information from the Directors of Asian Natural Resources India Limited, including Mr. Khalid Baigh, Mr. Amardeep Singh Bhatia, and Mr. Gaurav Agarwal, for transactions dating back to Financial Years 2009-10 to 2013-14. The Directors expressed reluctance to provide information beyond the two-year look-back period preceding the ICD, citing Sections 43 and 46 of the Insolvency and Bankruptcy Code (IBC). The Liquidator

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in permitting the Liquidator to investigate transactions …

**Ratio:** The ratio is that Section 66 of the IBC, which deals with fraudulent transactions, does

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**Reasoning:** The NCLAT reasoned that Section 66 of the IBC does not contemplate any look-back period

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**Interpretation:** The interpretation is that while Sections 43 and 46 of the IBC provide

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**Application:** In this case, the Adjudicating Authority's order allowing the Liquidator to

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## Parties

- **Judges:** Anant Bijay…; Shreesha…; +1 more
- **Appellants:** Amardeep Singh…
- **Respondents:** Asian Natural…; Abhishek…

## Timeline

- **2017-05-23 — Insolvency Commencement…**: Insolvency commenced for Asian…
- **2018-07-21 — Liquidator's…**: Liquidator wrote to Mr. Khalid Baigh, Mr. Amardeep Singh Bhatia, Mr. Gaurav Agarwal, the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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