# In the matter of Green India Building Systems and Services Private Ltd.

> NCLT judgment dated 2025-08-13. Citation: TCN-2025-NCLT-01295. This Application IA 4565/2024 was filed by Mr. Shekhar Arvind Parkhi (Applicant), the…

- **Court:** NCLT
- **Order date:** 13 Aug 2025
- **Citation:** TCN-2025-NCLT-01295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/green-india-building-systems-and-services-private-ltd-5558b2c6

## Summary

### Background

This Application IA 4565/2024 was filed by Mr. Shekhar Arvind Parkhi (Applicant), the Resolution Professional of M/s. Green India Building Systems and Services Private Ltd. (“Corporate Debtor”) against the Mr. Arun Shenoy and Mr. Mandar Kaprekar, both directors of Corporate Debtor on commencement of Corporate Insolvency Resolution Process (“CIRP”) and referred as Respondent No. 1 and 2 respectively hereinafter, under Section 66 of The Insolvency and Bankruptcy Code, 2016 ("Code"), seeking reliefs related to fraudulent transactions.

## Facts

IA 4565/2024 was filed by Shekhar Arvind Parkhi, the Resolution Professional of Green India Building Systems and Services Private Ltd.

The application was filed under Section 66 of the Insolvency and Bankruptcy Code, 2016.

The application sought to declare certain transactions entered by the Board of Directors as null and void and reverse their effects.

The applicant appointed M/s M. Ali & Co. as Transaction Auditor to review the financial transactions of the Corporate Debtor.

The Transaction Auditor identified certain transactions as fraudulent under S.66 of the Code, including writing off of Fixed Assets and Inventory.

The Respondents filed a joint reply stating that Section 66 casts a burden on the Resolution Professional to establish a case of fraud.

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## Issues and analysis

### Issue 1: Whether the write-off of fixed assets and inventory constitutes fraudulent trading under Section 66 …

**Ratio:** The Adjudicating Authority held that the applicant failed to establish fraudulent intent

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**Reasoning:** The Authority considered the reports of the Transaction Auditor and Statutory Auditor,

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**Interpretation:** Section 66 requires proof of intent to defraud creditors or fraudulent purpose.

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**Application:** In this case, the disclosed write-offs, coupled with the Statutory Auditor's

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Shekhar Arvind…; Small Industries…
- **Respondents:** M/s. Green India…; Arun Sh…; +1 more

## Timeline

- **2024-01-05 — Order Da…**: Tribunal appointed Shekhar Arvind Parkhi as the Interim Resolution Professional of…
- **2024-01-24 — Order Da…**: Tribunal re-admitted the application and re-appointed Shekhar Arvind Parkhi as the…

## 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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