# In the matter of Pioneer Globex Pvt. Ltd.

> NCLT judgment dated 2025-03-06. Citation: TCN-2025-NCLT-01091. The application was filed under Section 66 & 67 of the Insolvency and Bankruptcy Code, 2016 by…

- **Court:** NCLT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLT-01091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/pioneer-globex-pvt-ltd-fca9d86f

## Summary

### Background

The application was filed under Section 66 & 67 of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional, later pursued by the Liquidator of the Corporate Debtor, Pioneer Globex Pvt. Ltd, seeking orders against the respondents for fraudulent transactions.

## Facts

The Corporate Debtor was admitted into CIRP under section 9 of the I&B Code, 2016 vide order dated 20.01.2020.

Liquidation was allowed by the Tribunal vide order dated 05.02.2021.

The transaction audit report dated 09.10.2020 pointed out numerous fraudulent transactions conducted by the suspended management.

The last audited balance sheets of the Corporate Debtor reflected Rs.5,70,000/- as cash-in-hand, but the suspended management did not hand over any cash or provide records of its utilization.

Substantial amounts were advanced to companies with a common director without any loan agreements or transaction details.

…

## Issues and analysis

### Issue 1: Whether the alleged transactions are …

**Ratio:** The applicant has not filed sufficient evidence to hold that the alleged transactions are

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**Reasoning:** The Audit Report has been prepared with constraints and limitations. In absence of

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**Interpretation:** The burden of proof lies on the applicant to provide sufficient evidence to

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**Application:** The Tribunal found that the applicant failed to provide sufficient evidence,

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Manish Kumar…
- **Respondents:** Pioneer Globex…; Narendrakumar…; +4 more
- **Other parties:** Hardik…
- **Advocates:** Pratik Th…; KunalKa…; +2 more

## Timeline

- **2020-01-20 — CIRP Admi…**: The Corporate Debtor was admitted into CIRP…
- **2021-02-05 — Liquidation…**: Liquidation was allowed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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