# In the matter of Jagdish Kumar Parulkar vs. Vinod Agarwal & Ors. Company Appeal (AT) (Insolvency) No.483 of 2022

> NCLAT judgment dated 16 Feb 2023. Citation: TCN-2023-NCLAT-00717. The appeal was filed by the Resolution Professional against an order of the Adjudicating…

- **Court:** NCLAT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLAT-00717
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jagdish-kumar-parulkar-vs-vinod-agarwal-ors-company-appeal-1d9615ed

## Summary

### Background

The appeal was filed by the Resolution Professional against an order of the Adjudicating Authority (NCLT, Cuttack Bench) which dismissed an application seeking avoidance of preferential and fraudulent transactions under Sections 43 and 66 of the IBC. The Resolution Professional alleged that the suspended directors of the Corporate Debtor had engaged in such transactions.

## Facts

Tayal Foods Ltd/Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on October 3, 2019. The Appellant, Jagdish Kumar Parulkar, was initially appointed as Interim Resolution Professional and later confirmed as Resolution Professional on December 20, 2019, with the approval of the Committee of Creditors. During the CIRP, the Resolution Professional sought documents and information from the suspended management, which were allegedly not provided.

…

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional with regard to transactions under…

**Ratio:** The timelines prescribed under Regulation 35-A of the CIRP Regulations are directory and…

**Reasoning:** The NCLAT referred to its previous judgment in Aditya Kumar Tibrewal v. Om Prakash…

**Interpretation:** The court interpreted Regulation 35-A as providing guidance rather than strict…

**Application:** Despite the application being filed beyond the 135th day from the Insolvency…

## Parties

- **Judges:** Barun M…
- **Advocates:** Aishvary…; Abhinav Shrivastav…; +1 more

## Timeline

- **October 3, 2019 — CIRP Commen…**: Tayal Foods Ltd/Corporate Debtor was admitted into Corporate Insolvency Resolution…
- **November 15, 2019 — Section 19(2)…**: Resolution Professional filed an application under Section 19(2) of the IBC due to…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/jagdish-kumar-parulkar-vs-vinod-agarwal-ors-company-appeal-1d9615ed