# In the matter of Mohan Lal Jain, In the capacity of Liquidator of Kaliber Associates Pvt. Ltd. vs. Lalit Modi & Ors. CA(AT)(Ins)No. 944 of 2020

> NCLAT judgment dated 2020-12-16. Citation: TCN-2020-NCLAT-00014. The case involves an appeal against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 16 Dec 2020
- **Citation:** TCN-2020-NCLAT-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mohan-lal-jain-in-the-capacity-of-liquidator-of-kaliber-associates-pvt-ltd-vs-la-dfc2062c

## Summary

### Background

The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench regarding CA 1342/2019. The Adjudicating Authority was approached by the Liquidator to invoke Sections 43/66 of the I&B Code concerning preferential transactions and fraudulent/wrongful trading. The Adjudicating Authority observed that looking into such transactions would be beyond its scope and referred the matter to the Investigating Agency. The appellant contends that the Adjudicating Authority wrongly abdicated its powers by referring the matter to the Ministry of Corporate Affairs or an Investigating Agency, despite its jurisdiction being rightly invoked by the Resolution Professional/Liquidator.

## Facts

Mohan Lal Jain, as the Liquidator of Kaliber Associates Pvt. Ltd., filed an appeal against an order of the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench. The Adjudicating Authority had been approached by the Liquidator to invoke provisions of Sections 43/66 of the I&B Code regarding preferential transactions and fraudulent/wrongful trading. The Adjudicating Authority, after considering different versions from both parties, determined that looking into these transactions was beyond its scope and referred the matter to the Investigating Agency. The appellant argued that the Adjudicating Authority was wrong to abdicate its powers and refer the matter to the Ministry of Corporate Affairs or an Investigating Agency, as its jurisdiction was

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in referring the matter of preferential …

**Ratio:** The Adjudicating Authority has the power and responsibility to inquire into allegations

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**Reasoning:** The court reasoned that the Adjudicating Authority should have taken cognizance of the

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**Interpretation:** Sections 43 and 66 of the I&B Code grant the Adjudicating Authority the

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**Application:** In this case, the Adjudicating Authority was approached by the Liquidator to

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## Parties

- **Judges:** Bansi Lal…; Anant Bijay…; +1 more
- **Appellants:** Mohan Lal…
- **Respondents:** Kaliber Associates…; Lalit…

## Timeline

- **2020-12-16 — Order Da…**: Date of the order where Ministry of Corporate Affairs has been arrayed as party…
- **2020-11-06 — Direction…**: Direction given in order dated 6th November, 2020, in terms of which Ministry of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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