9911796707
TMI Blog2023 (6) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... isposing/Transferring of the Corporate Debtor in relation to any of its Assets or Beneficial Interest or any Legal Rights arising thereto. By so doing, the assets of the Corporate Debtor undoubtedly, in the considered subjective opinion of this Tribunal will change in diametrical term and it will also has to effect of placing such Creditor or Surety or Guarantor in the advantageous position than it would have been at the time of distribution of assets being made, in the teeth of ingredients of Section 53 of the Insolvency and Bankruptcy Code, 2016 - It is to be remembered that Moratorium was ordered in terms of Section 14 of the Insolvency and Bankruptcy Code, 2016 at the time of Admission of the Application and that is also not a favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... informed of the order dated 24.12.2022 and 21.02.2023 only by 27.02.2023 and added further, because of the fact that the Petitioner / Appellant , aged 70 years was laid-up, due to severe fever and caused for over a week until 06.03.2023 and could not meet his Learned Counsel to make suitable arrangements, to file the Appeal Papers by means of Representation before the Office of the Registry . This Tribunal , on being subjectively satisfied as of the reasons ascribed on behalf of the Petitioner / Appellant and also by not adopting a pedantic approach or hyper technical approach but by taking a lenient and liberal view especially keeping in mind another prime fact that delay in Representation is a matter between the Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransactions and in such manner as laid down in sub-section (2) to any persons as referred to in sub-section (4), he shall apply to the Adjudicating Authority for avoidance of preferential transactions and for, one or more of the orders referred to in (2) A corporate debtor shall be deemed to have given a preference, if (a) there is a transfer of property or an interest t hereof of the corporate debtor for the benefit of a creditor or a surety or a guarantor for or on account of an antecedent financial debt or operational debt or other liabilities owed by the corporate debtor; and (b) the transfer under clause (a) has the effect of putting such creditor or a surety or a guarantor in a beneficial position than it would have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in fact, the Appellant had paid the cost, thereto, as consideration agreed in terms of the Agreements thereof to the Corporate Debtor etc. The Learned Counsel for the Appellant / Petitioner , advancing his arguments points out that the Corporate Debtor , has no legal rights or beneficial interest and that the Adjudicating Authority / Tribunal should have seen that by grant of the Interlocutory Application in directing the Respondent to handover the possession of the four Apartments , to the Appellant / Applicant , there would be no infringement or breach of either Moratorium under Section 14(b) or of Sections 43(2)(a) or 53 of the Insolvency and Bankruptcy Code, 2016. Lastly, it is the contention of the Learned Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cating Authority for avoidance of preferential transactions and for, one or more of the orders referred to in (2) A corporate debtor shall be deemed to have given a preference, if (a) there is a transfer of property or an interest t hereof of the corporate debtor for the benefit of a creditor or a surety or a guarantor for or on account of an antecedent financial debt or operational debt or other liabilities owed by the corporate debtor; and (b) the transfer under clause (a) has the effect of putting such creditor or a surety or a guarantor in a beneficial position than it would have been in the event of a distribution of assets being made in accordance with section 53. A mere running of the eye over the contents of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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