# In the matter of Paisalo Digital Ltd. (Formerly known as S.E. Investments Ltd.) vs. Techno Forge Ltd. & Ors.

> NCLAT judgment dated 2023-07-13. Citation: TCN-2023-NCLAT-00802. An appeal was filed against an order dated 03.05.2023, where the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLAT-00802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/paisalo-digital-ltd-formerly-known-as-se-investments-ltd-vs-techno-forge-ltd-ors-24bcb0d7

## Summary

### Background

An appeal was filed against an order dated 03.05.2023, where the Adjudicating Authority deemed an application under Section 43 infructuous. The application IA No. 947/2020 involved Rs. 2,02,55,665/-.

## Facts

The appeal was filed against an order dated 03.05.2023.

The Adjudicating Authority held the application filed under Section 43 as infructuous.

The amount involved in the application IA No. 947/2020 was Rs. 2,02,55,665/-.

The Ex-management offered to deposit the amount, which was accepted by the CoC.

The CoC resolved not to proceed with the Section 43 application.

The Appellant challenged the order, contending that the application for preferential transaction should have been decided.

The Resolution Professional's (RP) counsel submitted that the Plan approval application is pending for the last two years.

The appellate tribunal disposed of the appeal.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in holding the application under Section 43 as …

**Ratio:** The Adjudicating Authority held the

…

**Reasoning:** The Ex-management offered to deposit the amount, which was accepted by the CoC, and the

…

**Interpretation:** The Adjudicating Authority interpreted that the acceptance of the deposit and

…

**Application:** The appellate tribunal upheld the Adjudicating Authority's decision by

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Paisalo Digital…
- **Respondents:** Techno Forg…
- **Other parties:** Committee of…; Shreyans…
- **Advocates:** P. Na…; Harshal…; +4 more

## Timeline

- **2023-07-13 — Hearing…**: Learned Counsel for the…
- **2023-05-03 — Order Da…**: Order passed by the Adjudicating…

## 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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