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TMI Blog2023 (9) TMI 1026X X X X Extracts X X X X X X X X Extracts X X X X ..... these transactions are within the relevant period . 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 - the Impugned Order does not suffer from any infirmity - there are no reason to interfere with the said order - appeal dismissed. - ( Justice M. Venugopal ) Member ( Judicial ) And ( Dr. Alok Srivastava ) Member ( Technical ) For the Appellant : Arjun Sheth , Advocate For the Respondents : Vibin Vincent ( Party-in-Person ) JUDGMENT ( Virtual Mode ) [ Per. Dr. Alok Srivastava , Member ( Technical ) ] 1. This appeal CA(AT)(CH)(Ins) No. 195/2023 has been filed under section 61 of the Insolvency and Bankruptcy Code, 2016 (in short IBC ) by the Appellant who is aggrieved by the order dated 27.4.2023 (in short Impugned Order ) in IA (IBC) 182/KOB/2022 in IBA No. 37/KOB/2020 passed by the Adjudicating Authority (NCLT, Kochi Bench). 2. Briefly, the facts of the case are that Corporate Insolvency Resolution Process( CIRP ) was initiated vide order dated 6.10.1021 against the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er argued that a total amount of Rs.8,79,357 was withdrawn by him for taking care of various expenses in normal course of business. These amounts were withdrawn on various dates, which are given in the chart below:- No. Ledger Account Details/Party name Date of payment Amount (INR) Mode of payment by corporate debtor 1 P.P.Ashique 08.07.2021 2,44,352.00 Through SBI 2 P.P.Ashique 22.06.2021 37.000.00 Through SBI 3 P.P.Ashique 24.06.2021 50.000.00 Through SBI 4 P.P.Ashique 14.09.2021 2,70,000.00 Rent Showroom 5 P.P.Ashique 30.09.2021 1,80,000.00 Rent Showroom 6 Platino Classic Motor India Pvt. L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent has transferred huge amounts to the account of the Corporate Debtor approximately to the tune of Rs. 49 lakhs. The summary of all the transactions undertaken is annexed hereto and marked as Annexure A to the present Affidavit-in-Reply. The bank statements of the Respondent to substantiate the said transactions are annexed hereto and marked as Annexure B to the present Affidavit-in-Reply. 15. Thus no question arise as to the amount to the tune of Rs. 7,81,352.00.00 being a preferential transaction as much more amounts have been transferred by the Respondent No. 1 to the account of the Corporate Debtor. 10. In the above-extracted reply of the Appellant a claim has been made that the twin conditions i.e. benefit to a creditor, surety or guarantor on account of the antecedent liability owed by the corporate debtor and the transaction having taken place within the relevant period of two years with the further condition that it should not be made in the ordinary course of business should be satisfied before a case under section 43 is made out. We note from paragraph 12 extracted above that the Appellant has carefully used the word antecedent debt , but avoided t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... planation. For the purpose of sub-section (3) of this section, new value means money or its worth in goods, services, or new credit, or release by the transferee of property previously transferred to such transferee in a transaction that is neither void nor voidable by the liquidator or the resolution professional under this Code, including proceeds of such property, but does not include a financial debt or operational debt substituted for existing financial debt or operational debt. (4) A preference shall be deemed to be given at a relevant time, if (a) It is given to a related party (other than by reason only of being an employee), during the period of two years preceding the insolvency commencement date; or (b) a preference is given to a person other than a related party during the period of one year preceding the insolvency commencement date. 12. A plain reading of sub-section (2) of section 43 makes it clear that if the transfer of a property or an interest of the corporate debtor is made for the benefit of a creditor or a surety or a guarantor, such transaction would be preferential transaction , if it puts such creditor or surety or guarantor in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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