# Addanki Haresh vs. H.P. Arun Kumar

> NCLT judgment dated 2022-02-02. Citation: TCN-2022-NCLT-04957. The Resolution Professional of the Corporate Debtor, M/s. Right Engineers and Equipment India…

- **Court:** NCLT
- **Order date:** 2 Feb 2022
- **Citation:** TCN-2022-NCLT-04957
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/addanki-haresh-vs-hp-arun-kumar-oyxjzbiv

## Summary

### Background

The Resolution Professional of the Corporate Debtor, M/s. Right Engineers and Equipment India Private Limited, filed an application against the Respondents under section 43 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking a declaration that the payment of Rs.49.83 Lacs constitutes preferential transactions violating Section 43 of IBC, reversal of advance repayment transactions made to Respondents, and return of Rs.49.83 Lacs paid by the Corporate Debtor.

## Facts

The Resolution Professional filed an application seeking to declare certain payments as preferential transactions under Section 43 of the IBC.

The applicant, Addanki Haresh, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The Adjudicating Authority ordered the Corporate Debtor to be liquidated and appointed the Applicant as the Liquidator.

Forensic audits identified potential preferential and fraudulent transactions.

The Committee of Creditors (CoC) discussed the draft Forensic Audit Report.

The respondents failed to provide valid documents to counter the Forensic Audit Report's findings.

…

## Issues and analysis

### Issue 1: Whether the subject transactions are preferential transactions under Section 43 of the I&B …

**Ratio:** Section 43 of the I&B Code,

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**Reasoning:** The court examined the forensic audit reports and the figures arrived at were supported

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**Interpretation:** The transactions involving payments to related parties without corresponding

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**Application:** The amounts paid to the Respondents fall under the ambit of preferential

…

## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Addanki H…
- **Respondents:** M/s. Right…; H.P. Arun…; +2 more
- **Other parties:** Nagaraj…; RL3M9ZXOBmgojsXrsj…

## Timeline

- **2019-10-29 — Admission…**: The Adjudicating Authority admitted the CP filed by M/s. Sri M. Visveswaraya Co-operative…
- **2020-12-02 — Liquidation…**: The Adjudicating Authority ordered the…

## 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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