# 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-04000. The case pertains to an application filed by the Resolution Professional (RP) of Amrit Fresh…

- **Court:** NCLT
- **Order date:** 23 Feb 2022
- **Citation:** TCN-2022-NCLT-04000
- **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-fe914a32

## Summary

### Background

The case pertains to 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 (“Corporate Debtor”) 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, based on the audit report, filed the application to address these transactions.

## Facts

Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Amrit Fresh Private Limited (“Corporate Debtor”) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Niraj Agarwal was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP). The RP appointed ALP & Associates to conduct a transaction audit of the Corporate Debtor's books of accounts. The audit revealed certain preferential transactions. Specifically, payments of Rs.13.40 Lakh and Rs.2.50 Lakh were made to Respondent No. 4 and Respondent No. 5, respectively, who are related parties of the Corporate Debtor. The management of the Corporate Debtor acknowledged that the payments were made to related parties. The RP filed an application under

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 43 of the Insolvency and …

**Ratio:** The Resolution Professional must adhere to the timelines prescribed under Section 43 of

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**Reasoning:** The court reasoned that the Resolution Professional failed to form an opinion and make a

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**Interpretation:** Section 43 of the Insolvency and Bankruptcy Code, 2016, deals with preferential

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**Application:** The court found that the Resolution Professional did not adhere to the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Niraj Ag…
- **Respondents:** Amrit Fresh Pvt.…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2019-07-10 — CIRP Init…**: Adjudicating Authority admitted Amrit Fresh Private Limited (“Corporate Debtor") under…

## 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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