# In the matter of Regen Infrastructure and Services Private Limited IA(IBC)-487(CHE)-2021 in IBA-1424-2019

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01956. The case involves an application filed by the Interim Resolution Professional (IRP) of Regen…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01956
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regen-infrastructure-and-services-private-limited-iaibc-487che-2021-in-iba-1424-70c39738

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of Regen Infrastructure and Services Private Limited, seeking to declare certain sale deeds of immovable properties in favor of Lakshmiranga Perumal Renewable Energy (P) Ltd. as fraudulent, null, and void. The IRP alleges that these properties were purchased using funds from the Corporate Debtor but registered in the name of a related party, Lakshmiranga Perumal Renewable Energy (P) Ltd. The IRP also seeks to direct the respondents to contribute to the assets of the Corporate Debtor.

## Facts

The Interim Resolution Professional (IRP) of Regen Infrastructure and Services Private Limited (RISPL) filed an application alleging fraudulent transactions. The Corporate Debtor, RISPL, purchased lands at 9 locations from farmers using its funds, totaling Rs. 1,97,97,187 between February and March 2017. However, the sale deeds were registered in the name of Lakshmiranga Perumal Renewable Energy (P) Ltd. (LPREPL), the 3rd Respondent, instead of RISPL. The IRP discovered this discrepancy and that the 3rd Respondent is a related party due to common directorship. The IRP also found that the 3rd Respondent sold some of these properties for a profit. The 1st and 2nd Respondents, suspended directors of RISPL, did not provide details of these transactions. The IRP claims this

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## Issues and analysis

### Issue 1: Whether the transactions involving the purchase of land by the Corporate Debtor and subsequent …

**Ratio:** Section 66 of the IBC, 2016 deals with fraudulent or wrongful trading. To establish

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**Reasoning:** The court analyzed the submissions and evidence presented by both parties. It considered

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**Interpretation:** The court interpreted Section 66 of the IBC, 2016 in light of established legal

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**Application:** The court applied the legal principles to the specific facts of the case,

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Renuka Devi…
- **Respondents:** Regen Infrastructu…; Madhusudhan…

## Timeline

- **2017-02-01 — Land Purc…**: Corporate Debtor purchased lands from…
- **2017-03-16 — Sale Deed Ex…**: Sale Deed Doc. No.2089/2017 executed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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