# In the matter of Beton Concrete Products Private Limited

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02206. The Interim Resolution Professional (IRP), later appointed as Resolution Professional (RP),…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/beton-concrete-products-private-limited-68d5404e

## Summary

### Background

The Interim Resolution Professional (IRP), later appointed as Resolution Professional (RP), filed an application (IA-2175/2021) under Section 45 r/w 48 & 49 of the Insolvency and Bankruptcy Code, 2016, seeking directions from the Tribunal against Mr. Ramesh Pokerna (Respondent No. 1), an erstwhile Director of the Corporate Debtor, Beton Concrete Products Private Limited, to recover two transactions undertaken with the Corporate Debtor. The RP was appointed during the Corporate Insolvency Resolution Process (CIRP), which commenced on April 28, 2020. The application was based on the opinion that certain transactions were undervalued or fraudulent, based on a forensic audit. The RP faced delays due to lockdown restrictions, hindering the ability to travel and gather

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Beton Concrete Products Private Limited. Anagha Anasingaraju was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP filed an application (IA-2175/2021) seeking directions against Ramesh Pokerna (Respondent No. 1), an erstwhile director and related party, to recover two transactions. The transactions in question included a payment of Rs. 39,590 for personal expenses of the director and a transfer of Rs. 3,37,137 to a non-current assets account. The RP's opinion was based on a forensic audit. The RP faced delays due to lockdown restrictions. The Committee of Creditors (CoC) extended the CIRP period but ultimately resolved to liquidate the

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## Issues and analysis

### Issue 1: Whether the transactions involving payment of personal expenses and transfer of balance to a …

**Ratio:** Section 45 of the Code defines undervalued transactions as those where the corporate

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**Reasoning:** The Tribunal reasoned that the payment of Rs. 39,590 was debited to the account of R1 in

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**Interpretation:** Section 45 aims to prevent the corporate debtor from diminishing its assets

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**Application:** In this case, the Tribunal found that the transactions were not in the nature

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Anagha Anasingaraj…
- **Respondents:** M/s Beton…; Ramesh Po…

## Timeline

- **2020-04-28 — Order for…**: Order passed for Corporate Insolvency Resolution Process (CIRP) of Corporate Debtor in CP…
- **2020-05-11 — Public Annou…**: Public announcement inviting claims from the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43(1) — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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