# Amit Dineschandra Patel vs. Chandra Prakash Jain

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-04958. The present application was filed by Mr. Amit Dineshchandra Patel, the suspended Director of…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-04958
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/amit-dineschandra-patel-vs-chandra-prakash-jain-ldbf3u3m

## Summary

### Background

The present application was filed by Mr. Amit Dineshchandra Patel, the suspended Director of Sintex Prefab & Infra Limited, against the Resolution Professional of the same company. The application concerned a transaction audit of the Corporate Debtor.

## Facts

Amit Dineshchandra Patel, the suspended Director of Sintex Prefab & Infra Limited, filed the application.

The application concerns the transaction audit of Sintex Prefab & Infra Limited (Corporate Debtor).

The Corporate Debtor was admitted into CIRP on 24.02.2021 following an application by Bank of Baroda, a Financial Creditor, due to a financial debt of Rs. 395 crores.

The Committee of Creditors (COC) decided on 22.04.2021 to undertake a transaction audit of the Corporate Debtor w.e.f. 01.04.2018 to 01.02.2021.

The COC decided on 02.06.2021 to conduct a forensic audit w.e.f. 01.04.2015.

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## Issues and analysis

### Issue 1: Whether the forensic audit's scope should be limited to the two-year look-back period as specified …

**Ratio:** The time limits of the look-back period given in Section 43 and Section 50 of IBC are to

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**Reasoning:** The NCLT reasoned that once the CIRP commences, the management of the company passes into

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**Interpretation:** The sections of the IBC pertaining to preferential, extortionate, or fraudulent

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**Application:** In this case, the NCLT applied this principle by deferring to the COC's

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Amit Dineshchandra…; Amit Dineschandra…
- **Respondents:** Sintex Prefab &…; Chandra Prakash…
- **Other parties:** Bank of B…; Chandra Prakash…; +1 more
- **Advocates:** Arjun…; Monaal Da…

## Timeline

- **2021-02-24 — Admission in…**: Corporate Debtor was…
- **2021-04-22 — COC Meet…**: The Committee of Creditors decided in the 2nd COC meeting held on 22.04.2021 to undertake…

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