# In the matter of Amrit Fresh Pvt. Ltd. I.A. (IB) NO. 898-KB-2020
in C.P. (IB) No. 263-KB-2018

> NCLT judgment dated 2022-02-23. Citation: TCN-2022-NCLT-03996. The case involves an application filed by the Resolution Professional (RP) of Amrit Fresh Pvt.…

- **Court:** NCLT
- **Order date:** 23 Feb 2022
- **Citation:** TCN-2022-NCLT-03996
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amrit-fresh-pvt-ltd-ia-ib-no-898-kb-2020-in-cp-ib-no-263-kb-2018-e907ee7a

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Amrit Fresh Pvt. Ltd. under Section 43 of the Insolvency and Bankruptcy Code, 2016, seeking to address preferential transactions. The Corporate Insolvency Resolution Process (CIRP) was initiated against Amrit Fresh Private Limited based on a petition filed by Bank of India under Section 7 of the Code. Niraj Agarwal was appointed as the Interim Resolution Professional and later as the Resolution Professional. The RP appointed ALP & Associates to conduct a transaction audit, which revealed certain preferential transactions. The RP then filed the present I.A. based on the audit report.

## Facts

Bank of India initiated CIRP against Amrit Fresh Pvt. Ltd. under Section 7 of the IBC. Niraj Agarwal was appointed as the Resolution Professional (RP). The RP appointed ALP & Associates to conduct a transaction audit. The audit revealed preferential transactions. A payment of Rs.13.40 Lakh was made to Respondent No. 4, a related party of the Corporate Debtor. The Corporate Debtor also made a payment of Rs.2.50 Lakh to Respondent No. 5, another related party. Respondents No. 1, 4, and 5 are promoted by Harish Bagla and Archana Bagla, who are also Respondents No. 2 and 3 respectively. The management of the Corporate Debtor acknowledged that the payments were made to related parties. The RP formed an opinion on preferential transactions on 29 November, 2019, and

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## Issues and analysis

### Issue 1: Whether the present I.A. is maintainable under Section 43 of the Insolvency and Bankruptcy Code, …

**Ratio:** The Hon'ble High Court of Delhi in Venus Recruiters Private Limited vs. Union of India

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**Reasoning:** The court reasoned that after the approval of the resolution plan, the management of the

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**Interpretation:** This interpretation clarifies that the power of the Resolution Professional to

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**Application:** In this case, the resolution plan for Amrit Fresh Private Limited was approved

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Niraj Ag…
- **Respondents:** Amrit Fresh Pvt.…
- **Advocates:** Nirmalya Da…; Aryaa Chat…

## Timeline

- **2019-07-10 — CIRP Admi…**: Adjudicating Authority admitted Amrit…
- **2019-08-08 — RP Appoin…**: Niraj Agarwal appointed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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