# In the matter of Reid Taylor (India) Ltd. C.P. (IB)-382-MB-2018

> NCLT judgment dated 2019-05-06. Citation: TCN-2019-NCLT-03465. The case involves an application regarding preferential transactions and cash payments made to…

- **Court:** NCLT
- **Order date:** 6 May 2019
- **Citation:** TCN-2019-NCLT-03465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/reid-taylor-india-ltd-cp-ib-382-mb-2018-af74cda3

## Summary

### Background

The case involves an application regarding preferential transactions and cash payments made to RNT Distributors Pvt. Ltd. The application was filed before the liquidator was appointed. Subsequently, Mr. Ravi Shankar Devarkonda took over the liquidation of the company, replacing the earlier Resolution Professional (RP). The respondent contends that all pending dues have been paid to the undertaking, and reconciliation of accounts is underway.

## Facts

The Resolution Professional (RP) has raised concerns about preferential transactions and cash payments made to RNT Distributors Pvt. Ltd. An application was filed before the appointment of the liquidator. Mr. Ravi Shankar Devarkonda has replaced the previous RP and is now overseeing the liquidation. The respondent claims that all pending dues have been settled and that a reconciliation of accounts is in progress. The court is seeking to determine whether any preferential transactions or cash payments were made to the respondent.

## Issues and analysis

### Issue 1: Whether there were any preferential transactions or …

**Ratio:** The legal principle involves determining whether transactions qualify as 'preferential'

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**Reasoning:** The court's reasoning is based on the need to ascertain whether any transactions unfairly

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**Interpretation:** The interpretation involves understanding the definition of 'preferential

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**Application:** The liquidator is tasked with applying the legal principle to the facts by

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Reid Taylor (…

## Timeline

- **2019-05-06 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-05-28 — Next Hearin…**: Matter listed for further…

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