# In the matter of Koyenco Autos Private Limited IA(IBC)-182-KOB-2022 in CP(IB)-37-KOB-2020

> NCLT judgment dated 2023-04-27. Citation: TCN-2023-NCLT-03595. This application was filed under Section 43(1) read with Section 44 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Apr 2023
- **Citation:** TCN-2023-NCLT-03595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/koyenco-autos-private-limited-iaibc-182-kob-2022-in-cpib-37-kob-2020-aec26512

## Summary

### Background

This application was filed under Section 43(1) read with Section 44 of the Insolvency and Bankruptcy Code, 2016, by the Liquidator of Koyenco Autos Private Limited, seeking avoidance of preference transactions. The Corporate Insolvency Resolution Process (CIRP) was initiated against Koyenco Autos Private Limited based on a petition filed by BMW India Financial Services Private Limited under section 7 of the Code. The applicant, Mr. Vibin Vincent, was appointed as the Resolution Professional. The applicant identified certain anomalies in the company's books of accounts and appointed a Forensic Auditor, who submitted a report on 15.06.2022.

## Facts

BMW India Financial Services Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Koyenco Autos Private Limited under Section 7 of the IBC. The CIRP was initiated on 06.10.2021. Mr. Sankar P. Paniker was initially appointed as the Interim Resolution Professional, later replaced by Mr. Vibin Vincent on 17.01.2022. Mr. Vibin Vincent, as the liquidator, identified certain transactions that appeared to be preferential and filed an application under Section 43 of the IBC seeking their avoidance. The transactions in question involved transfers made to P.P. Ashique (the 1st respondent) and Platino Classic Motors (India) Private Limited (the 3rd respondent). The forensic auditor's report was submitted on 15.06.2022. The applicant claimed that the

…

## Issues and analysis

### Issue 1: Whether the respondents have been given a preference in transactions at a relevant time by the …

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

…

**Reasoning:** The court analyzed the transfers made to the 1st respondent (P.P. Ashique) and the 3rd

…

**Interpretation:** Section 43 is interpreted to mean that if a transaction satisfies the

…

**Application:** The court applied the principles of Section 43 and the Supreme Court's judgment

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Vibin Vi…
- **Respondents:** Koyenco Autos…; Platino Classic…

## Timeline

- **2021-10-06 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against Koyenco Autos Private Limited…
- **2022-01-17 — Appointment of…**: Mr. Vibin Vincent 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)

---

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/koyenco-autos-private-limited-iaibc-182-kob-2022-in-cpib-37-kob-2020-aec26512