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2019 (6) TMI 134 - AT - Insolvency and BankruptcySetting aside the transaction entered into by the Corporate Debtor - Preferential or undervalued - transfer carried out with a view to defraud the creditors - HELD THAT:- The Respondents are not a related party nor the transactions were made with any person during one year preceding the insolvency commencement date and in fact were made about 8-9 years back, the application under Section 45 r/w Section 46 preferred by Resolution Professional was uncalled for. It is not the case of the Resolution Professional that it is an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years preceding the insolvency commencement date. Therefore, the Resolution Professional cannot allege violation of Section 50. In the present case, no case is made out by the Resolution Professional that any business of the Corporate Debtor has been carried out with the intent to defraud the creditors of the Corporate Debtor or for any fraudulent purpose. A so called alleged violation of Section 43 or Section 45 or Section 46 cannot be termed to be made for fraudulent purpose - the Adjudicating Authority has found that transactions were made in the year 2009-10 and the purchasers also taken possession and perusal of the documents reflects that agreements for sale are duly registered documents with adequate stamp duty paid. Appeals dismissed.
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