This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Kochi Bench) regarding preferential transactions by the Appellants, who are related to the Corporate Debtor. The Liquidator filed an application seeking to declare certain transactions as preferential and to recover the amounts. The Adjudicating Authority ruled in favor of the Liquidator, finding that the Appellants had engaged in preferential transactions.
The Corporate Debtor was admitted into CIRP on 2019-09-13, and liquidation was ordered on 2020-02-19, with the Respondent appointed as Liquidator. The Liquidator filed an application alleging preferential transactions by the Appellants, Reji Sivankutty and Revathy Radhakrishnan, who are related to the Corporate Debtor. Reji Sivankutty is the Promoter/Suspended Director, and Revathy Radhakrishnan is his wife. The Liquidator claimed that Rs.42,50,397/- was repaid to Reji Sivankutty and Rs.6,28,000/- to Revathy Radhakrishnan during the financial year 2017-18, which were preferential payments over other creditors. The Liquidator relied on a transaction audit and forensic audit report that identified these transactions as preferential. The Appellants failed to provide
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The Adjudicating…
Liquidation process of the Corporate Debtor was…
This case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Kochi Bench) regarding preferential transactions by the Appellants, who are related to the Corporate Debtor. The Liquidator filed an application seeking to declare certain transactions as preferential and to recover the amounts. The Adjudicating Authority ruled in favor of the Liquidator, finding that the Appellants had engaged in preferential transactions.
The Corporate Debtor was admitted into CIRP on 2019-09-13, and liquidation was ordered on 2020-02-19, with the Respondent appointed as Liquidator. The Liquidator filed an application alleging preferential transactions by the Appellants, Reji Sivankutty and Revathy Radhakrishnan, who are related to the Corporate Debtor. Reji Sivankutty is the Promoter/Suspended Director, and Revathy Radhakrishnan is his wife. The Liquidator claimed that Rs.42,50,397/- was repaid to Reji Sivankutty and Rs.6,28,000/- to Revathy Radhakrishnan during the financial year 2017-18, which were preferential payments over other creditors. The Liquidator relied on a transaction audit and forensic audit report that identified these transactions as preferential. The Appellants failed to provide
…The Adjudicating…
Liquidation process of the Corporate Debtor was…