# In the matter of IDEB Projects Private Limited IA No. 67 of 2020 in C.P. (IB)No.17-BB-2019

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-03002. The Liquidator of IDEB Projects Private Limited filed an IA (Interlocutory Application) against…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-03002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ideb-projects-private-limited-ia-no-67-of-2020-in-cp-ibno17-bb-2019-aeb732d8

## Summary

### Background

The Liquidator of IDEB Projects Private Limited filed an IA (Interlocutory Application) against the Respondents under Section 43 and r/w 66 of the Insolvency and Bankruptcy Code, 2016, seeking a declaration that certain lease transactions with Respondents No.3 and 4, from which Respondent No.1 derived personal benefit, constitute preferential transactions under section 43 of the IBC. The application also sought an order directing Mr. H.S. Bedi (Respondent No.1) to transfer the amounts received by him pursuant to the lease agreements to the Applicant for the benefit of the corporate debtor.

## Facts

IDEB Projects Private Limited is the Corporate Debtor. The Liquidator of the Corporate Debtor filed an IA against Harkirat Singh Bedi (Respondent No.1), Avneet Bedi (Respondent No.2), M/s. Furnituratti (Respondent No.3), and M/s. Design Craft (Respondent No.4). The Corporate Debtor owns a parcel of land admeasuring 43,147 sq.ft with a shed. The Corporate Debtor entered into a lease agreement with Respondent No.3 on 2012-09-27, leasing a portion of the Factory Property. Out of the total lease rent of Rs.37,500 per month, Rs.25,000 was paid to the Corporate Debtor, and Rs.12,500 was paid to Mr.H.S.Bedi in his personal capacity. Mr.H.S Bedi derived a monetary advantage of Rs. 12,04,560 from the commencement of the lease till end of September 2019. The Corporate Debtor

…

## Issues and analysis

### Issue 1: Whether the lease transactions with Respondents No.3 and 4, from which Respondent No.1 derived …

**Ratio:** Section 43 of the Insolvency and Bankruptcy Code, 2016 defines preferential transactions.

…

**Reasoning:** The Tribunal observed that the Corporate Debtor entered into lease agreements with

…

**Interpretation:** The interpretation of Section 43 focuses on whether the transaction unfairly

…

**Application:** In this case, Mr. H.S. Bedi, as a director of the Corporate Debtor, was a

…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Velayudham…
- **Respondents:** IDEB Projects…; Harkirat Singh…

## Timeline

- **2012-09-27 — Lease Agreement with…**: Corporate debtor entered into a lease agreement with M/s. Furnituratti (earlier known as…
- **2012-09-27 — Lease Agreement with…**: Corporate debtor entered into a lease agreement with M/s. Design Craft (earlier known 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)

---

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/ideb-projects-private-limited-ia-no-67-of-2020-in-cp-ibno17-bb-2019-aeb732d8