# In the matter of Five Core Electronics Limited

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-01121. The case involves applications related to the insolvency resolution process of Five Core…

- **Court:** NCLT
- **Order date:** 21 Mar 2025
- **Citation:** TCN-2025-NCLT-01121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/five-core-electronics-limited-41ea7e5b

## Summary

### Background

The case involves applications related to the insolvency resolution process of Five Core Electronics Ltd. under Section 7 of the IBC, 2016. The applicant alleges fraudulent transactions by the respondents.

## Facts

Northern ARC Capital Ltd. filed an application against Five Core Electronics Ltd. under Section 7 of the IBC, 2016.

Amarjit Singh Kalra, Surinder Kaur Kalra, and Jagjit Kaur Kalra, the respondents, are members of one family and suspended directors of the Corporate Debtor.

The respondents are presumed to be absconding, and their whereabouts are unknown as of January 23, 2020.

The erstwhile IRP filed an application under section 43 of IBC, 2016, bearing I.A. No. 3804 of 2020, regarding preferential transactions amounting to Rs. 2745.30 Lakhs.

The tribunal found that transactions referred to in the captioned applications were not covered by Section 43 of IBC, 2016 but could be hit by Section 66 of IBC, 2016.

…

## Issues and analysis

### Issue 1: Whether the transactions entered into by the Respondents are preferential or fraudulent under the …

**Ratio:** Section 43 and 66 of the IBC, 2016, deal with

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**Reasoning:** The tribunal examined the transactions and determined that they were not covered under

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**Interpretation:** The tribunal interpreted the provisions of Section 43 and 66 to determine the

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**Application:** The tribunal applied the provisions of Section 66 to direct the applicant to

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** M/s. Northern ARC…; Manoj Kulsh…
- **Respondents:** Five Core…; M/s. Five Core…; +3 more
- **Other parties:** Northern ARC…; Rudhreshwar…
- **Advocates:** Rudhreshwar…; Saurabh…; +2 more

## Timeline

- **2025-03-21 — Order deliv…**: Order was delivered on…
- **2025-05-01 — Hearing De…**: Hearing is deferred to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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