# In the matter of Deepak Parasuraman & Anr. Vs. Sripriya Kumar & Anr. Civil Appeal No. 6595 of 2021

> SC judgment dated 2021-11-13. Citation: TCN-2021-SC-00011. The appeal was filed under Section 62 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating…

- **Court:** SC
- **Order date:** 13 Nov 2021
- **Citation:** TCN-2021-SC-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/deepak-parasuraman-anr-vs-sripriya-kumar-anr-civil-appeal-no-6595-of-2021-f1c3d1d1

## Summary

### Background

The appeal was filed under Section 62 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority and the Appellate Tribunal found the transactions between the appellants and the corporate debtor to be fraudulent after thorough analysis. The findings of the Appellate Tribunal were summarized in paragraph 32 of the impugned order.

## Facts

The Corporate Debtor, 'Perfect International Private Limited,' and Appellant No. 2 entered into two agreements dated 12.10.2015 and 16.08.2016. The Corporate Debtor made a first payment tranche of Rs. 25,00,000 on 19.12.2016, including an advance of Rs. 5,00,000, as part payment of the initial 2015 contract for securing a long-term working capital loan. The Corporate Debtor released a second tranche of Rs. 30,00,000 to Appellant No. 2, including Rs. 4,00,000 as balance commission for arranging the loan from SREI Equipment Finance Limited and Rs. 26,00,000 as commission for a business order from M/s Regen Powertech Private Limited. A third tranche of Rs. 10,00,000 was released on 31.03.2018 as balance commission for the business order from M/s Regen Powertech Private

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## Issues and analysis

### Issue 1: Whether the appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 involves any …

**Ratio:** An appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 can only be

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**Reasoning:** The court stated that it was satisfied that the appeal did not involve any question of

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**Interpretation:** Section 62 of the Insolvency and Bankruptcy Code, 2016 provides for appeals

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**Application:** The court applied the principle that an appeal under Section 62 requires a

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## Parties

- **Judges:** DINESH MAHE…; VIKRAM…
- **Appellants:** DEEPAK PARA…
- **Respondents:** Perfect Internatio…; Sripriya…
- **Other parties:** Affir…

## Timeline

- **2015-10-12 — Agreement…**: Corporate Debtor and Appellant…
- **2016-08-16 — Agreement…**: Corporate Debtor and Appellant No. 2…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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