# In the matter of Bansal Refineries Private Limited IA (IB) No.295-KB-2020 in CP (IB) No.11-KB-2019

> NCLT judgment dated 2022-04-19. Citation: TCN-2022-NCLT-03214. The case involves an application (IA (IB) No.295/KB/2020) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 19 Apr 2022
- **Citation:** TCN-2022-NCLT-03214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bansal-refineries-private-limited-ia-ib-no295-kb-2020-in-cp-ib-no11-kb-2019-d170adaa

## Summary

### Background

The case involves an application (IA (IB) No.295/KB/2020) filed in connection with a corporate insolvency resolution process (CIRP) initiated against Bansal Refineries Private Limited (Corporate Debtor) under CP (IB) No.11/KB/2019. The CIRP was initiated by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Pinaki Sarkar was appointed as the Liquidator after the Corporate Debtor was ordered to be liquidated on 17 January 2020. The application was filed by the Liquidator under sections 43, 44, 45, 49 and 66 of the Insolvency and Bankruptcy Code, 2016, alleging undervalued and fraudulent transactions by the Corporate Debtor with related parties.

## Facts

Corporation Bank initiated CIRP against Bansal Refineries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 09 July 2019. Ms. Mamta Binani was initially appointed as the Interim Resolution Professional (IRP), and later, Mr. Pinaki Sarkar was appointed as the Resolution Professional (RP) on 13 August 2019, which was amended on 20 August 2019. On 17 January 2020, the Adjudicating Authority ordered the liquidation of the Corporate Debtor, and Mr. Pinaki Sarkar was appointed as the Liquidator. The Liquidator filed IA (IB) No.295/KB/2020 alleging undervalued and preferential transactions with related parties, including Amicus Oil & Chemicals Private

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## Issues and analysis

### Issue 1: Whether the application IA (IB) No.295/KB/2020 should be dismissed for non-prosecution due to the …

**Ratio:** The principle that applications should be given due consideration only if the applicant

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**Reasoning:** The court reasoned that the Liquidator's absence on multiple occasions demonstrated a

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**Interpretation:** This highlights the importance of active participation and diligent prosecution

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**Application:** The Liquidator's repeated absence, despite being notified, led the court to

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Pinaki S…
- **Respondents:** Bansal Refineries…; Amicus Oil &…

## Timeline

- **2019-07-09 — CIRP Admi…**: Adjudicating Authority admitted Bansal…
- **2019-08-13 — Appointment…**: Pinaki Sarkar appointed as…

## 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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