Section 43 of IBC not attracted where no transaction was made by Corporate Debtor: NCLAT Delhi

Commercial Tax Department Vs Mangesh Vitthal Kekre (NCLAT Delhi) NCLAT Delhi held that provisions of section 43 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be attracted where no transaction was made by the Corporate Debtor. Thus, application u/s. 43 was wholly misconceived hence adjudicating authority directing refund of amount is unsustainable. Facts- Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Bhagwan Motors Private Ltd., commenced by Order dated 21.06.2019. The Commercial Tax Department issued a Notice dated 03.07.2019 u/s. 128 of the Madhy...