The case involves appeals against an order dated 02nd March, 2022, passed by the National Company Law Tribunal, New Delhi, Bench-V, which allowed I.A. No. 5768 of 2020 in Company Petition (IB) No. 814/ND/2019 filed by the Resolution Professional (RP) under Section 43 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority held the transactions by the Corporate Debtor in favor of the Appellants as preferential transactions and directed to refund the respective amount. The appeals challenge this order, arguing that the transactions were in the ordinary course of business and not preferential.
The case involves multiple appeals (Company Appeal (AT) Ins. No. 405, 369, and 412 of 2022) filed against the same order dated 02nd March, 2022, passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT allowed I.A. No. 5768 of 2020, filed by the Resolution Professional (RP) under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016, declaring certain transactions as preferential.
Company Appeal (AT) Ins. No. 405 of 2022 was filed by GVR Consulting Services Pvt. Ltd. and GVR Electronics Pvt. Ltd., who were Respondent No. 4 and Respondent No. 7 to the I.A. No. 5768 of 2020. The RP claimed that transactions amounting to Rs. 1 Crore were repayments of unsecured loans.
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Corporate Insolvency…
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The case involves appeals against an order dated 02nd March, 2022, passed by the National Company Law Tribunal, New Delhi, Bench-V, which allowed I.A. No. 5768 of 2020 in Company Petition (IB) No. 814/ND/2019 filed by the Resolution Professional (RP) under Section 43 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority held the transactions by the Corporate Debtor in favor of the Appellants as preferential transactions and directed to refund the respective amount. The appeals challenge this order, arguing that the transactions were in the ordinary course of business and not preferential.
The case involves multiple appeals (Company Appeal (AT) Ins. No. 405, 369, and 412 of 2022) filed against the same order dated 02nd March, 2022, passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT allowed I.A. No. 5768 of 2020, filed by the Resolution Professional (RP) under Section 43 of the Insolvency and Bankruptcy Code (IBC), 2016, declaring certain transactions as preferential.
Company Appeal (AT) Ins. No. 405 of 2022 was filed by GVR Consulting Services Pvt. Ltd. and GVR Electronics Pvt. Ltd., who were Respondent No. 4 and Respondent No. 7 to the I.A. No. 5768 of 2020. The RP claimed that transactions amounting to Rs. 1 Crore were repayments of unsecured loans.
…Corporate Insolvency…
Public announ…