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2021 (11) TMI 604 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHAvoidable transactions made by Respondent Nos. 1-3 - fraudulent and wrongful transaction within the meaning of section 66 of the Code - intent to defraud the creditors or not - HELD THAT:- The business of the Corporate Debtor has not been carried out to defraud the creditors. The Corporate Debtor has exercised proper control in the affairs of the Corporate Debtor - It is denied that the Respondents have not cooperated with the RP or have refused to provide any information or document. It is wrong to submit that the books of accounts of the Corporate Debtor have not been maintained as per the law. Merely because the Respondents are Managing Directors and Chairman and CFO of the Corporate Debtor, they are not liable to contribute the astronomical sums as prayed for in the said application. It is incumbent upon the RP to form an opinion as to whether the Corporate Debtor has been subjected to preferential, undervalued or as has been alleged in the present case - fraudulent transaction on or before the seventy-fifth day from the date of commencement of CIRP - In the present case, CIRP had commenced on 07.02.2020, therefore, as per the said regulation, an opinion should have been formed on of before 22.04.2020; determination should have been made on or before 01.06.2020 and the application under the relevant section applicable should have been filed on or before 21.06.2020. The two independent auditors appointed by the financial creditors prior to initiation of CIRP, when the Trust & Retention Account was operational, have cleared the transactions in question without any demur. Further, it is not the Resolution Professional's case that any benefit in the form of any additional facilities from the financial creditor has been obtained by the corporate debtor or its key managerial personnel. Therefore, the allegation that the transactions were intended to defraud the creditors, does not hold water. Consequently, the allegations under section 66 cannot be sustained. We are not inclined towards granting the prayers made in the present application - application dismissed.
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