2024 (4) TMI 690 - SCH - Insolvency and Bankruptcy

CIRP - Preferential Transaction - transactions infringing section 43 of the IBC - it was held by NCLAT that In the background of the report of Forensic Audit of the Corporate Debtor , it is quite clear that the said transactions amounting to Rs.7,81,352 are preferential transactions , as defined under section 43 of the IBC - HELD THAT - There are no good ground and reason to interfere with the impugned judgment and hence, the present appeal is dismissed.

Summary

The Supreme Court dismissed the appeal, stating no good reason to interfere with the impugned judgment. The appellant may be entitled to insolvency set-off for payments made during the look back period to the company under liquidation, to be dealt with according to the law. No examination of the claim's merits was done, and pending applications will be disposed of.