The Resolution Professional of M/s Shivkala Developers Pvt. Ltd. (Corporate Debtor) filed three applications under Sections 45, 49, 50(5), and 66 r/w Section 25(2) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside transactions entered into by the Corporate Debtor. The Resolution Professional argued that these transactions were preferential transfers carried out to defraud creditors. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejected all three applications (CA No. 293/2018, 294/2018, and 295/2018) via an order dated October 3, 2018, leading to the present appeals.
The Resolution Professional of M/s Shivkala Developers Pvt. Ltd. filed applications to set aside certain transactions, claiming they were preferential, undervalued, extortionate, or fraudulent. The Corporate Debtor, a real estate developer, had been allotted land by Noida Authority to develop a commercial complex. The Resolution Professional alleged that sale considerations in registered agreements were below circle rates, indicating undervaluation. The transactions in question included agreements to sell dated February 13, 2009, April 6, 2009, and October 31, 2009, related to floor space in the Fortune Smile commercial complex. The Adjudicating Authority rejected the applications, finding no case made out for preferential or undervalued transactions. The insolvency
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Agreement to sell dated 13th February, 2009,…
Agreement to sell dated 6th April, 2009, in…
The Resolution Professional of M/s Shivkala Developers Pvt. Ltd. (Corporate Debtor) filed three applications under Sections 45, 49, 50(5), and 66 r/w Section 25(2) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside transactions entered into by the Corporate Debtor. The Resolution Professional argued that these transactions were preferential transfers carried out to defraud creditors. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejected all three applications (CA No. 293/2018, 294/2018, and 295/2018) via an order dated October 3, 2018, leading to the present appeals.
The Resolution Professional of M/s Shivkala Developers Pvt. Ltd. filed applications to set aside certain transactions, claiming they were preferential, undervalued, extortionate, or fraudulent. The Corporate Debtor, a real estate developer, had been allotted land by Noida Authority to develop a commercial complex. The Resolution Professional alleged that sale considerations in registered agreements were below circle rates, indicating undervaluation. The transactions in question included agreements to sell dated February 13, 2009, April 6, 2009, and October 31, 2009, related to floor space in the Fortune Smile commercial complex. The Adjudicating Authority rejected the applications, finding no case made out for preferential or undervalued transactions. The insolvency
…Agreement to sell dated 13th February, 2009,…
Agreement to sell dated 6th April, 2009, in…