# In the matter of Gupta Infrastructure (India) Pvt. Ltd. IA 2078-2019, IA 2043-2020, IA 724,1704,1710,1711,1737,1764,1770,1805,2100,2156,2216 & 2391 in C.P.(IB)1397-MB-2017

> NCLT judgment dated 2022-01-27. Citation: TCN-2022-NCLT-04355. The document contains orders for several Interlocutory Applications (IAs) filed in the National…

- **Court:** NCLT
- **Order date:** 27 Jan 2022
- **Citation:** TCN-2022-NCLT-04355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-infrastructure-india-pvt-ltd-ia-2078-2019-ia-2043-2020-ia-7241704171017111-bd6bf179

## Summary

### Background

The document contains orders for several Interlocutory Applications (IAs) filed in the National Company Law Tribunal (NCLT), Mumbai Bench. These IAs relate to matters concerning Gupta Infrastructure (India) Pvt Ltd, the Corporate Debtor, and various financial creditors, including Bank of India. The IAs address issues such as avoidance transactions, recovery of licensee fees, and initiation of legal proceedings related to security charges and liquidation processes. The orders were delivered on 27.01.2022.

## Facts

The document pertains to multiple Interlocutory Applications (IAs) filed before the National Company Law Tribunal (NCLT), Mumbai Bench, concerning the insolvency resolution process of Gupta Infrastructure (India) Pvt Ltd. Bank of India is a financial creditor. IA 2156/2021 involves an application under Section 43 for avoidance transactions against the directors and the company. IA 2078/2019 concerns a transaction undertaken by the Corporate Debtor after the issuance of the Corporate Insolvency Resolution Process order. IA 2043/2020 seeks approval for action taken by the applicant in filing a complaint case for dishonor of a cheque. IA 2100/2021 involves a prayer to initiate legal proceedings to vacate the security charge. IA 724/2021 is a follow-up application related

…

## Issues and analysis

### Issue 1: Whether the application under Section 43 for avoidance transactions against the directors and the …

**Ratio:** Section 43 of the Insolvency and Bankruptcy

…

**Reasoning:** The court considered the advocate's statement that proceeding under Section 43 cannot be

…

**Interpretation:** Section 43 allows for the avoidance of certain transactions that unfairly

…

**Application:** The court applied the principles of Section 43 to the specific facts of the

…

## Parties

- **Judges:** P.N. Des…; Sh. Kapal Kumar…
- **Appellants:** Bank of…
- **Respondents:** Gupta Infrastructu…; Ayush R…

## Timeline

- **2018-02-01 — Transactio…**: Transaction took place between…
- **2018-02-08 — RP Took C…**: Resolution Professional took charge of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-infrastructure-india-pvt-ltd-ia-2078-2019-ia-2043-2020-ia-7241704171017111-bd6bf179