# In the matter of Vikas Jeph vs. Anoop Bhatia Resolution Professional for Jeph Bev Pvt. Ltd.

> NCLAT judgment dated 2023-12-11. Citation: TCN-2023-NCLAT-00038. The appeal was filed against an order dated 2023-09-19, concerning I.A. (IBC) No.…

- **Court:** NCLAT
- **Order date:** 11 Dec 2023
- **Citation:** TCN-2023-NCLAT-00038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikas-jeph-vs-anoop-bhatia-resolution-professional-for-jeph-bev-pvt-ltd-a81e9fa3

## Summary

### Background

The appeal was filed against an order dated 2023-09-19, concerning I.A. (IBC) No. 617/JPR/2022, filed by the Resolution Professional of the Corporate Debtor (M/s Jeph Bev Pvt. Ltd.). The application was filed under Section 60(5) r/w Sections 68, 70, and 74 of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of NCLT Rules, 2016. The NCLT allowed the application, directing the Respondent to reinstate the Corporate Debtor to its position at the time of CIRP initiation, including assets and bank balance as of 2022-09-16. The Resolution Professional sought directions to the suspended directors of the CD to reverse the diverted/withdrawn/transferred amount of Rs. 22,01,373 and deposit it in the bank account of the CD.

## Facts

P.S. Metal Works, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code against Jeph Bev Pvt. Ltd. (Corporate Debtor). The application was admitted on 2022-09-16, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 2022-10-20. After the CIRP initiation, Rs. 22,01,373 was transferred from the Corporate Debtor's bank account between 2022-09-16 and 2022-09-22 without the IRP/RP's approval. The Resolution Professional filed an application seeking directions to reverse the transfer and deposit the amount back into the Corporate Debtor's account. The NCLT allowed the

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## Issues and analysis

### Issue 1: Whether the NCLT order directing the reinstatement of the Corporate Debtor's position at the time …

**Ratio:** The principle is that upon the commencement of CIRP and the imposition of a moratorium

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**Reasoning:** The appellate tribunal reasoned that once the admission order was passed and the

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**Interpretation:** This issue involves the interpretation of Section 14 of the Insolvency and

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**Application:** In this case, the NCLT's order was justified because the transfer of funds

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Vikas…
- **Respondents:** Jeph Bev Pv…; Anoop Bhatia…

## Timeline

- **2022-09-16 — CIRP Init…**: Application under Section 7 of the Code by P.S. Metal Works against the Corporate Debtor…
- **2022-09-16 — Unauthorized Transfer…**: Transfer of Rs. 22,01,373 from the Corporate Debtor's bank account without IRP/RP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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