# In the matter of Achariya Techno Solutions (India) Private Limited IA(IBC)-38-KOB-2022 in IA(IBC)-128-KOB-2021 in MA-05-KOB-2020
in TIBA-01-KOB-2019

> NCLT judgment dated 2022-11-30. Citation: TCN-2022-NCLT-00287. The case involves an Interlocutory Application No. IA(IBC) 38/KOB/2022 filed under Sections…

- **Court:** NCLT
- **Order date:** 30 Nov 2022
- **Citation:** TCN-2022-NCLT-00287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/achariya-techno-solutions-india-private-limited-iaibc-38-kob-2022-in-iaibc-128-k-06492f0a

## Summary

### Background

The case involves an Interlocutory Application No. IA(IBC) 38/KOB/2022 filed under Sections 35(1)(n) and 60(5) of the Insolvency and Bankruptcy Code, 2016, by the Liquidator, Mr. Shawn Jeff Christopher, concerning Achariya Techno Solutions (India) Pvt. Ltd., a company undergoing liquidation. The application seeks directions to banks to provide details and freeze accounts operated by Mr. Reji Sivankutty and Mrs. Revathy Radhakrishnan, who are allegedly liable to return funds identified as preferential transactions. The liquidation process for the Corporate Debtor commenced on 19.02.2020, and a dissolution application was filed on 19.08.2021. Previous orders directed Mr. Sivankutty and Mrs. Radhakrishnan to return a sum of Rs. 48,78,397 to Achariya Techno Solution

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## Facts

Achariya Techno Solutions (India) Pvt. Ltd. is undergoing liquidation, with the process commencing on 19.02.2020. The Liquidator, Mr. Shawn Jeff Christopher, filed an application to recover funds from Mr. Reji Sivankutty and Mrs. Revathy Radhakrishnan, who were found to have engaged in preferential transactions amounting to Rs. 48,78,397. A previous Tribunal order dated 21.12.2021 directed Mr. Sivankutty and Mrs. Radhakrishnan to return these funds, but they failed to comply. The Liquidator identified banks where Mr. Sivankutty and Mrs. Radhakrishnan held accounts and requested information. Mr. Sivankutty protested the freeze action. Respondent No. 1 stated that no account was found in the names of Mr. Reji Sivankutty and Mrs Revathy Radhakrishnan. Respondent No.4

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## Issues and analysis

### Issue 1: Whether the banks should be directed to provide details of accounts operated by Mr. Reji Sivankutty …

**Ratio:** Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016 empowers the liquidator to

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**Reasoning:** The Tribunal reasoned that providing account details is necessary for the Liquidator to

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**Interpretation:** This issue involves interpreting the scope of the Liquidator's powers under the

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**Application:** The Tribunal applied this principle by directing the banks to provide the

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** SHAWN JEFF…
- **Respondents:** Achariya Techno…; THE SENIOR…
- **Advocates:** Varughese C…; Vinod…; +4 more

## Timeline

- **2020-02-19 — Commencement of…**: The 'Liquidation Process' for…
- **2021-08-19 — Dissolution Application…**: Dissolution application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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