# In the matter of Alpfly Private Limited CA No.448-C-3-ND of 2019 in CP (IB) No. in 358-ND-2018

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01155. The case involves an application filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01155
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alpfly-private-limited-ca-no448-c-3-nd-of-2019-in-cp-ib-no-in-358-nd-2018-7347d741

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) seeking directions under Section 65 read with Section 77 of the Insolvency and Bankruptcy Code (IBC), 2016. The IRP alleges that the Corporate Debtor (CD), Alpfly Private Limited, filed its petition under Section 10 of the IBC based on fraud and non-disclosure of material particulars. The IRP highlights several instances of alleged fraudulent activities, including non-disclosure of complete bank account details, related party transactions, information pertaining to locked office premises, incorrect statements regarding GST refunds, and ongoing criminal complaints against the CD and its directors. The CD initiated Corporate Insolvency Resolution Process (CIRP) under fast track insolvency.

## Facts

Alpfly Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP) filed an application alleging fraud and non-disclosure of material facts by the Corporate Debtor (CD). The IRP pointed out that the CD had not disclosed all its bank accounts, including an account with Axis Bank that had been dormant since March 2017. The IRP also highlighted related party transactions between the CD and Alpha Soft Technologies Pvt Ltd (ASTPL), a company with the same directors as the CD. These transactions were not disclosed in the auditor's report or financial statements. The IRP further alleged that the CD had made incorrect statements regarding GST refunds and

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the IBC was filed fraudulently or with malicious intent …

**Ratio:** Section 65 of the IBC, 2016, deals with fraudulent or malicious initiation of

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**Reasoning:** The Tribunal found that the Corporate Debtor (CD) had suppressed material facts,

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**Interpretation:** Section 65 of the IBC aims to prevent the misuse of the insolvency process for

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**Application:** The Tribunal applied Section 65 of the IBC to the facts of the case and found

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## Parties

- **Judges:** R. VARADH…; K.K. V…
- **Appellants:** Anurag S…
- **Respondents:** Alpfly Private…; Ravi Kant…

## Timeline

- **2018-03-02 — Board Reso…**: Board of Directors of Alpfly Private Limited passed a resolution to file an application…
- **2018-04-02 — Petition…**: The petition was filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 77 — Punishment for providing false information in…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-77)

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