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2019 (5) TMI 1801 - AT - Insolvency and BankruptcyTransfer of a sum by the Promoter in favour of Yajur International Pvt. Ltd. (Operational Creditor) - allegation that the transfer is in violation of Section 14 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) - HELD THAT:- In the present case, the question relating to supply of materials during the Corporate Insolvency Resolution Process is not required to be determined as the transfer of ₹ 1,50,70,000/- were made by Promoter in favour of M/s Yajur International Pvt. Ltd. with respect to the supplies, which were made prior to 13th June, 2018, i.e., date of order of moratorium. Admittedly, the aforesaid amount was transferred after the order of moratorium was passed on 13th June, 2018 and just before the joining of Resolution Professional, who joined on 22nd June, 2018 at 11:54 AM. The Promoter hurriedly released the payment in favour of M/s. Yajur International Pvt. Ltd. the moment the order of moratorium passed and before the joining of the Resolution Professional - the impugned order having passed by the Adjudicating Authority, no interference is called for. Appeal dismissed - decided against appellant.
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