Bank Transfer Not a Preferential Transaction as Corporate Debtor Did Not Authorise It: NCLT

Bank of Baroda Vs Sintex Industries Pvt. Ltd. & Ors. (NCLT Ahmedabad) The National Company Law Tribunal (NCLT), Ahmedabad, considered an interlocutory application originally filed by the Resolution Professional of the Corporate Debtor under Sections 43 and 44 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking avoidance of an alleged preferential transaction involving ₹26.79 crore. Subsequently, Bank of Baroda was substituted as the applicant in place of the Resolution Professional. The application sought restoration of ₹26,79,32,886.79 allegedly transferred from the Corporate D...