Application u/s. 43 by Liquidator based on Transaction Audit Report tenable: NCLAT Delhi

Alok Tripathi Vs Mohit K Gupta (NCLAT Delhi) NCLAT Delhi held that application filed under section 43 of the IBC by Liquidator on the basis of Transaction Audit Report for avoidance of preferential transactions tenable in law. Accordingly, appeal dismissed. Facts- The Corporate Debtor was incorporated on 04.04.2013, with a paid-up capital of Rs 66 lakhs only. The Corporate Debtor was doing good business but it faced a financial crunch in 2019. The Appellant/Director of the Corporate Debtor met with one Mr. Vijay Thapar, who assured the Director to get him a big loan and took hefty amounts of m...