# In the matter of Windals Auto Pvt. Ltd.

> NCLT judgment dated 2025-10-27. Citation: TCN-2025-NCLT-01601. This I.A. has been filed under Section 43 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 27 Oct 2025
- **Citation:** TCN-2025-NCLT-01601
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/windals-auto-pvt-ltd-7f7a5f1e

## Summary

### Background

This I.A. has been filed under Section 43 of the Insolvency and Bankruptcy Code, 2016 (IBC/Code), by Mr. Jayanti Lal Jain, the Interim Resolution Professional (Applicant/IRP) of 'Windals Auto Pvt. Ltd.', the Corporate Debtor (CD) against Mr. Abdulla Sahebkhan Dalwai, Respondent No. 1 and Mr. Asif Dalwai, Respondent No. 2, who are directors of the suspended board of the CD, and also against 'Divyagyan Trading Private Limited', Respondent No. 3, which is one of the unsecured financial creditors of the CD, and also described by the Applicant as the beneficiary entity.

## Facts

Mr. Jayanti Lal Jain, the Interim Resolution Professional (Applicant/IRP) of 'Windals Auto Pvt. Ltd.', filed an application under Section 43 of the IBC.

The application was filed against Mr. Abdulla Sahebkhan Dalwai, Respondent No. 1 and Mr. Asif Dalwai, Respondent No. 2, who are directors of the suspended board of the CD, and also against 'Divyagyan Trading Private Limited', Respondent No. 3.

The Corporate Insolvency Resolution Process (CIRP) in respect of the CD was initiated by this Tribunal, vide Order dated 28.04.2023, and the Applicant was appointed as the Interim Resolution Professional (IRP).

The CoC, in its 9th meeting on 09.06.2024, resolved to liquidate the CD, pursuant to which I.A. No. 98 of 2024 was filed before this Tribunal under Section 33 of the Code.

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## Issues and analysis

### Issue 1: Whether the transaction of Rs.1,10,00,000/- made by the Corporate Debtor to Respondent No. 3 …

**Ratio:** The law is already settled that there is no need to prove any fraudulent intent for a

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**Reasoning:** The tribunal found that the transaction had the effect of putting Respondent No. 3 in a

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**Interpretation:** The tribunal interpreted Section 43 of the IBC to mean that a transaction is

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**Application:** The tribunal applied the principles of Section 43 of the Code and concluded

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Jayanti La…
- **Respondents:** Windals Auto Pvt.…; Abdulla Sahebkhan…; +2 more
- **Other parties:** Union Bank of…; Tata Motors…; +4 more
- **Advocates:** Mitali…; Jhalak…; +2 more

## Timeline

- **2023-04-28 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2023-05-03 — Public Annou…**: Public announcement 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)

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