This is a Company Appeal (AT) (Insolvency) filed against the judgment and order of the Adjudicating Authority (National Company Law Tribunal), New Delhi, regarding an application filed by the Resolution Professional. The application sought to declare a transaction of the Corporate Debtor's plant and machinery to Respondent No. 3 as fraudulent and to cancel the transaction. The Adjudicating Authority allowed the application, leading the Appellant (original Respondent No. 3) to file this appeal.
The Resolution Professional filed an application seeking to declare the transaction of the Corporate Debtor's plant and machinery to Respondent No. 3 as fraudulent. The Adjudicating Authority allowed the application, leading to the appeal. An application under Section 7 was filed on 2019-01-25. The Appellant claimed to have purchased Plant and Machinery for Rs. 7,55,200/- and Rs. 14,40,600/- on 2019-05-03 and 2019-05-08 respectively. A transaction audit was conducted, and the final report dated 2020-05-15 reported irregularities, including preferential and undervalued transactions intended to defraud creditors. The Adjudicating Authority noted that the book value of the machinery was Rs. 1.56 Cr., while the Appellant purchased it for a significantly lower amount. The
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Application under…
Appellant claims to…
This is a Company Appeal (AT) (Insolvency) filed against the judgment and order of the Adjudicating Authority (National Company Law Tribunal), New Delhi, regarding an application filed by the Resolution Professional. The application sought to declare a transaction of the Corporate Debtor's plant and machinery to Respondent No. 3 as fraudulent and to cancel the transaction. The Adjudicating Authority allowed the application, leading the Appellant (original Respondent No. 3) to file this appeal.
The Resolution Professional filed an application seeking to declare the transaction of the Corporate Debtor's plant and machinery to Respondent No. 3 as fraudulent. The Adjudicating Authority allowed the application, leading to the appeal. An application under Section 7 was filed on 2019-01-25. The Appellant claimed to have purchased Plant and Machinery for Rs. 7,55,200/- and Rs. 14,40,600/- on 2019-05-03 and 2019-05-08 respectively. A transaction audit was conducted, and the final report dated 2020-05-15 reported irregularities, including preferential and undervalued transactions intended to defraud creditors. The Adjudicating Authority noted that the book value of the machinery was Rs. 1.56 Cr., while the Appellant purchased it for a significantly lower amount. The
…Application under…
Appellant claims to…