# In the matter of Amr Infrastructure Limited

> NCLT judgment dated 2025-02-11. Citation: TCN-2025-NCLT-00508. The case involves an application filed by the Interim Resolution Professional/Resolution…

- **Court:** NCLT
- **Order date:** 11 Feb 2025
- **Citation:** TCN-2025-NCLT-00508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amr-infrastructure-limited-1a22a8b9

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional/Resolution Professional under Section 66 read with Section 25(2)(j) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to alleged fraudulent transactions by the Corporate Debtor, AMR Infrastructures Limited, and its related party, RC Info Systems Ltd. (RCISL). The Adjudicating Authority had admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) on 2018-05-10, following a petition by a financial creditor, Nikhil Mehta. The application alleges that the Corporate Debtor, through its promoters and directors, engaged in transactions designed to defraud creditors by diverting funds to RCISL, particularly concerning a lease deed with Greater Noida

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## Facts

The Corporate Debtor, AMR Infrastructures Limited, faced Corporate Insolvency Resolution Process (CIRP) initiated by a financial creditor, Nikhil Mehta. The Interim Resolution Professional (IRP) discovered transactions that appeared to be fraudulent, involving the transfer of funds to RC Info Systems Ltd. (RCISL), a related party. RCISL had entered into a lease deed with Greater Noida Industrial Development Authority (GNOIDA) on 2006-07-21 for a plot of land (Plot No. Tz-09) in Greater Noida. The total consideration for the lease was Rs. 8,16,94,170/-, with Rs. 2,45,08,251/- paid upfront. A Memorandum of Understanding (MoU) dated 2006-07-31 was entered into between the Corporate Debtor and RCISL, where the Corporate Debtor was to develop the plot. The IRP alleged that

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## Issues and analysis

### Issue 1: Whether the transactions between the Corporate Debtor and RCISL were fraudulent and intended to …

**Ratio:** Section 66 of the Insolvency and Bankruptcy Code, 2016, addresses fraudulent or wrongful

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**Reasoning:** The Adjudicating Authority found that the Corporate Debtor had transferred substantial

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**Interpretation:** The court interpreted Section 66 of the IBC and the doctrine of lifting the

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**Application:** The Adjudicating Authority applied the doctrine of lifting the corporate veil

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Nikhil…
- **Respondents:** AMR Infrastructure…; R.C. Info Systems…

## Timeline

- **2005-06-01 — Financial…**: The financial statements of the Corporate Debtor for the financial year 2005-06 reflect…
- **2006-03-07 — RCISL Incorp…**: RC Info Systems Ltd.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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