2019 (9) TMI 1369 - AT - Insolvency and Bankruptcy

Maintainability of application - CIRP process - undervaluation of cars - Sections 35(1)(n) 45 and 66 of the Insolvency and Bankruptcy Code 2016 - HELD THAT - The Adjudicating Authority (National Company Law Tribunal Kolkata Bench Kolkata) by Impugned Order dated 25th July 2019 having considered all the relevant facts came to a definite conclusion that there is no undervalued or fraudulent transaction on the part of Corporate Debtor and rejected the Application. Having heard learned Counsel for the Appellant we are not inclined to decide whether the sale of a car is undervalued or not while sitting in Appeal. Appeal dismissed.

Summary

The National Company Law Appellate Tribunal, New Delhi, condoned a 12-day delay in filing an appeal regarding undervalued transactions involving a corporate debtor's cars. The Tribunal dismissed the appeal, stating they are not inclined to decide if the car sale was undervalued while sitting in appeal.