# 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-01959. 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-01959
- **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-1424-76360a31

## 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, totaling 21.35 acres, for Rs. 1,97,97,187 between February and March 2017. These lands were registered in the name of Lakshmiranga Perumal Renewable Energy (P) Ltd. (LPREPL), the 3rd Respondent, instead of RISPL. The IRP contends that LPREPL is a related party due to common directorships. The IRP discovered several sale deeds executed by various individuals in favor of LPREPL. The IRP also found instances where LPREPL sold or leased these lands, allegedly at a profit, causing loss to the Corporate Debtor. The 1st and 2nd Respondents,

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## Issues and analysis

### Issue 1: Whether the transactions involving the transfer of land from the Corporate Debtor to Lakshmiranga …

**Ratio:** Section 66 of the IBC, 2016 deals with fraudulent or wrongful trading. Section 66(1)

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**Reasoning:** The court analyzed the submissions and found that the IRP failed to establish a case of

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**Interpretation:** The court interpreted Section 66 of the IBC, 2016, distinguishing between

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**Application:** The court applied the principles of Section 66 to the facts of the case,

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## Parties

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

## Timeline

- **2020-02-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for the Corporate Debtor by the…
- **2017-02-01 — Land Purc…**: Corporate Debtor purchased lands from…

## 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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