2024 (11) TMI 736 - SCH - IBC

Preferential and fraudulent transaction - Seeking avoidance of certain preferential and fraudulent transactions carried out by the suspended directors of the Corporate Debtor - Sections 43 and 66 of the IBC - it was held by NCLAT that 'The Adjudicating Authority has erroneously dismissed the application filed by the Resolution Professional under Sections 43 and 66 of the IBC.' - HELD THAT - After having heard the learned counsel appearing for the appellants, the view taken by the National Company Law Appellate Tribunal concurred upon. There is no merit in the Civil Appeal and the same is accordingly dismissed.

Summary

The Supreme Court of India dismissed the Civil Appeal after concurring with the National Company Law Appellate Tribunal's decision. The delay in refiling the appeal was condoned. Appellant represented by Mr. Abhinav Shrivastava, and Respondent represented by Mr. Aishvary Vikram and others.