# In the matter of Panama Systems Private Limited M.A. 384 of 2020 in C.P.(I.B) 1237 of 2019

> NCLT judgment dated 2023-03-06. Citation: TCN-2023-NCLT-04310. This is a Miscellaneous Application (M.A. 384 of 2020) filed under Section 19, 43, 44, and 66…

- **Court:** NCLT
- **Order date:** 6 Mar 2023
- **Citation:** TCN-2023-NCLT-04310
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/panama-systems-private-limited-ma-384-of-2020-in-cpib-1237-of-2019-a247e350

## Summary

### Background

This is a Miscellaneous Application (M.A. 384 of 2020) filed under Section 19, 43, 44, and 66 of the Insolvency and Bankruptcy Code, 2016 by Mrs. Vaishali Arun Patrikar, the Applicant/Liquidator of M/s. Panama Systems Private Limited (Corporate Debtor), against Mr. Hemant Khinvasara, the Director (Suspended) of the Corporate Debtor. The application seeks various reliefs, including directing the Respondent to remit certain amounts, restore assets, and cooperate with the Resolution Professional (RP). The Applicant alleges non-cooperation, fraudulent transactions, and misappropriation of assets by the Respondent. The Respondent denies the allegations, claiming that all information and assets were available and that the Applicant is misusing the CIRP process.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Panama Systems Private Limited on 2019-07-10. Mrs. Neelima Anil Bhate was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mrs. Vaishali Arun Patrikar. The Applicant, Mrs. Patrikar, detected certain transactions made by the Respondent, Mr. Hemant Khinvasara, including payments to Advocate Mily Ghoshal and other creditors/employees. The Applicant alleges that these payments were preferential and made without approval. The Applicant also claims that the Respondent failed to cooperate in providing information and misappropriated assets of the Corporate Debtor. The Respondent denies these allegations, stating that the payments were made from his personal

…

## Issues and analysis

### Issue 1: Whether the Application under Section 43, 44 and Section 66 would survive in absence of Transaction …

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

…

**Reasoning:** The court found that the payment of Rs. 76,500 to Advocate Mily Ghoshal was made without

…

**Interpretation:** The court interpreted Section 43 to mean that a transaction is considered

…

**Application:** The court applied the ratio to the facts of the case and found that the payment

…

## Parties

- **Judges:** H.V. Subb…; Smt Madhu…
- **Appellants:** Vaishali Arun…
- **Respondents:** Panama Systems…; Hemant Khin…

## Timeline

- **2019-07-10 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2019-08-14 — Change o…**: Mrs. Neelima Anil Bhate replaced by Mrs. Vaishali Arun Patrikar as Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

---

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/panama-systems-private-limited-ma-384-of-2020-in-cpib-1237-of-2019-a247e350