# In the matter of Jason Dekor Pvt Ltd IA No. 787 of 2020 in CP (IB) No. 257-NCLT-AHM-2019]

> NCLT judgment dated 2024-05-13. Citation: TCN-2024-NCLT-01365. The case involves an application filed by the Resolution Professional (RP) under Sections 43…

- **Court:** NCLT
- **Order date:** 13 May 2024
- **Citation:** TCN-2024-NCLT-01365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jason-dekor-pvt-ltd-ia-no-787-of-2020-in-cp-ib-no-257-nclt-ahm-2019-d76fb969

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Sections 43 and 44 of the Insolvency & Bankruptcy Code, 2016, seeking directions against the Respondents for avoidance of preferential transactions and making personal contributions to the assets of Jason Dekor Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Indian Overseas Bank under Section 7 of the Code, which was admitted on 19.12.2019. The RP, upon reviewing the Corporate Debtor's accounts, identified certain transactions that appeared to be preferential in nature. These transactions were brought to the attention of the Committee of Creditors (CoC) during meetings. The RP and CoC sought

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## Facts

The Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Jason Dekor Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 19.12.2019. The Resolution Professional (RP) identified certain transactions that appeared to be preferential in nature under Sections 43 and 44 of the IBC. These transactions involved withdrawals and loan repayments made to the directors (R1 and R2) and a related party (R3). R1 received Rs.51,35,462, R2 received Rs.37,49,445, and R3 received Rs.3,69,274, totaling Rs 92,54,181. The RP brought these transactions to the attention of the Committee of Creditors (CoC). The suspended management (R1 and R2) claimed that these transactions were necessary for

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## Issues and analysis

### Issue 1: Whether the transactions undertaken by the Corporate Debtor constitute preferential transactions …

**Ratio:** Sections 43 and 44 of the IBC define and address preferential transactions. A transaction

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**Reasoning:** The Tribunal observed that the Respondents failed to provide adequate proof to

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**Interpretation:** Sections 43 and 44 of the IBC are interpreted to prevent debtors from engaging

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**Application:** In this case, the Tribunal applied the provisions of Sections 43 and 44 to the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** George Sam…
- **Respondents:** Jason Dekor Pvt.…; Yogeshkumar…

## Timeline

- **2018-01-01 — Company Petiti…**: Indian Overseas Bank filed Company Petition (IB) No. 257 of 2018 under Section 7 of the…
- **2019-12-19 — CIRP Init…**: The Tribunal admitted the petition and declared moratorium and initiated Corporate…

## 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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