# In the matter of Ushdev International Limited  I.A.NO.206-MB-C-II-2019 in C.P (IB) No. 1790-MB-C-II-2017

> NCLT judgment dated 2022-12-02. Citation: TCN-2022-NCLT-00255. The case involves an application filed by the Resolution Professional (RP) of Ushdev…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ushdev-international-limited-iano206-mb-c-ii-2019-in-cp-ib-no-1790-mb-c-ii-2017-dbeca711

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Ushdev International Limited, seeking the avoidance of preferential and undervalued transactions. The RP aimed to recover contributions from respondents related to transactions conducted by the Corporate Debtor under Sections 43-48 and 66 of the Insolvency and Bankruptcy Code, 2016. The application was filed in the context of corporate insolvency resolution process initiated against Ushdev International Limited.

## Facts

The Resolution Professional (RP) of Ushdev International Limited filed an application seeking the avoidance of preferential and undervalued transactions under Sections 43-48 and 66 of the Insolvency and Bankruptcy Code, 2016. The application was based on a forensic audit report that identified certain transactions as preferential, undervalued, and fraudulent. The insolvency proceedings against the Corporate Debtor commenced on 2018-05-14. The RP was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional. The Committee of Creditors (CoC) appointed a forensic auditor to ascertain whether the Corporate Debtor had entered into any transaction under section 43-51 and section 66 of the Code. The RP received the report from the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional adhered to the timeframe in bringing the application for …

**Ratio:** Regulation 35A(3) of the Code mandates specific timelines for filing applications for

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**Reasoning:** The court found that the application for avoidance was filed after 246 days of the

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**Interpretation:** The court interpreted Regulation 35A(3) as requiring strict adherence to the

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

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Subodh Kumar…
- **Respondents:** Ushdev Internation…
- **Advocates:** Nausher…; Akhil…; +1 more

## Timeline

- **2018-05-14 — Commencement of…**: Insolvency proceedings against the…
- **2018-07-06 — 2nd CoC M…**: The Applicant informed the CoC that…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 25(2) — Duties of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-25)

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