# 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-01164. The Interim Resolution Professional (IRP) filed an application under Sections 65 and 77 of the…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01164
- **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-f88c6cbd

## Summary

### Background

The Interim Resolution Professional (IRP) filed an application under Sections 65 and 77 of the IBC, 2016, alleging fraud and non-disclosure of material particulars by the Corporate Debtor (CD) and its directors in their application for Corporate Insolvency Resolution Process (CIRP). The IRP sought directions against the suspended directors for their fraudulent conduct.

## Facts

An application was filed by the Interim Resolution Professional (IRP), Anurag Sharma, under Section 65 read with Section 77 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking directions. The IRP was proposed by the Corporate Applicant, M/s. Alpfly Private Limited, in the main Company Petition, which was initiated by the Company itself under Section 10 of IBC for Corporate Insolvency Resolution Process (CIRP). The IRP alleged that the petition was filed based on fraud and without disclosing material particulars. The IRP highlighted several instances of alleged fraud by the Corporate Debtor (CD) and its suspended directors. These included the non-disclosure of a complete bank account with Axis Bank, which had significant transactions with HDFC Bank and Alpha Soft

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor and its directors initiated the Corporate Insolvency Resolution …

**Ratio:** The order of admission and CIRP initiated under Section 10 of IBC, 2016, can be recalled

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**Reasoning:** The Tribunal considered the IRP's reports detailing non-disclosure of bank accounts,

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**Interpretation:** The Tribunal interpreted Section 65 of IBC, 2016, to grant it powers to

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**Application:** Given the consistent allegations by the IRP, the lack of cooperation from the

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## Parties

- **Judges:** R. VARADH…; K.K. V…; +1 more
- **Appellants:** Anurag S…; Anurag Sharma…
- **Respondents:** Alpfly Private…; Ravi Kant…; +3 more
- **Advocates:** For the Petitioner…; Imran Ali &…; +1 more

## Timeline

- **March 2, 2018 — Board Reso…**: Board Resolution passed by Alpfly Private Limited to file an application under Section 10…
- **April 2, 2018 — Petition…**: Main Company Petition (CP-IB-358/ND/2018) filed by Alpfly Private Limited under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 65 — Fraudulent or malicious initiation of proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-65)

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