# In the matter of Talwalkars Healthclubs Limited IA No. 421-2022 in CP (IB) No.923-MB-IV-2020

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-03015. The application, IA No. 421/2022 in CP (IB) No.923/MB-IV/2020, was filed by Mr. Saurabh Kumar…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-03015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/talwalkars-healthclubs-limited-ia-no-421-2022-in-cp-ib-no923-mb-iv-2020-11caa016

## Summary

### Background

The application, IA No. 421/2022 in CP (IB) No.923/MB-IV/2020, was filed by Mr. Saurabh Kumar Tikmani, the Resolution Professional (RP) of Talwalkars Healthclubs Limited (Corporate Debtor) under Section 43 of the Insolvency and Bankruptcy Code, 2016. Later, the Corporate Debtor was ordered to be liquidated, and Mr. Gajesh Labhchand Jain was appointed as Liquidator, who was substituted as the applicant.

## Facts

Mr. Saurabh Kumar Tikmani, the Resolution Professional (RP) of Talwalkars Healthclubs Limited (Corporate Debtor), filed an application (IA No. 421/2022) to declare a transaction as preferential under Section 43 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed that Rs.76 Lakhs was receivable from M/s Talwalkas Club Systems Private Limited (Respondent) as a preferential transaction. The applicant sought directions for the respondent to pay the amount with 12% interest. The claim was based on a Transaction Audit Report indicating that the Respondent received a payment of INR 76 Lakhs from the Corporate Debtor during the period two years prior to the ICD, with the amount receivable as of 31.08.2019. The payment was stated to have been made between 10

…

## Issues and analysis

### Issue 1: Whether the transaction in question falls under Section 43 of the Insolvency and Bankruptcy Code, …

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

…

**Reasoning:** The bench found that the transaction did not fall under Section 43 because it did not

…

**Interpretation:** Section 43 is interpreted to require a clear preference given to a creditor

…

**Application:** In this case, the transaction auditor's report showed no debt owed by the

…

## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Gajesh Labhchand…
- **Respondents:** Talwalkar…; Omnibus Infrastruc…

## Timeline

- **2022-01-01 — IA No. 421/20…**: Interlocutory Application…
- **2023-06-09 — Order Pron…**: The order was…

## 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/talwalkars-healthclubs-limited-ia-no-421-2022-in-cp-ib-no923-mb-iv-2020-11caa016