Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 592 - AT - Insolvency and BankruptcyApplication u/s 43 of the Insolvency and Bankruptcy Code, 2016 - Preferential transactions and relevant time - Held that:- Admittedly, the 2nd Respondent is not a related party to the Corporate Debtor and therefore, for preferring an application under Section 43 in respect to transaction made with 2nd Respondent one has to refer to clause (b) of Sub- section (4) of Section 43. In the said provision the period of one year preceding the insolvency commencement date is prescribed to find out whether any preferential transaction was made in favour of any person other than the related party. Admittedly, the insolvency commencement date (date of admission) in the present case is 16.06.2017, the execution of Sale Deed reached finality on 30.05.2016 that is much prior to one year preceding the insolvency commencement dated. In that view of the aforesaid finding we hold that the application under Section 43 of I&B Code in respect of 2nd Respondent was not maintainable and the Adjudicating Authority has rightly rejected the petition.
|