TMI Blog2018 (10) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... her 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. - Company Appeal (AT) (Insolvency) No. 328 of 2018 - - - Dated:- 30-8-2018 - Mr S. J. Mukhopadhaya, Chairperson And Mr Bansi Lal Bhat, Member (Judicial) For The Liquidator : Mr. Arnav Dash, Ms. Mehak Huria, Advocates. Mr. V. Nagarajan For The Respondent : Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sale was complete on 30.05.2016. As to on which date amount was deposited in the account of the Corporate Debtor cannot be a ground to shift forward the date of Sale Deed to 14.10.2016. 5. Section 43 relates to Preferential transactions and relevant time , which is as follows: 43. Preferential transactions and relevant time. (1) Where the liquidator or the resolution professional, as the case may be, is of the opinion that the corporate debtor has at a relevant time given a preference in such transactions and in such manner as laid down in sub-section (2) to any persons as referred to in sub-section (4), he shall apply to the Adjudicating Authority for avoidance of preferential transactions and for, one or more of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as giving of preference by the corporate debtor. Explanation. - For the purpose of sub-section (3) of this section, new value means money or its worth in goods, services, or new credit, or release by the transferee of property previously transferred to such transferee in a transaction that is neither void nor voidable by the liquidator or the resolution professional under this Code, including proceeds of such property, but does not include a financial debt or operational debt substituted for existing financial debt or operational debt. (4) A preference shall be deemed to be given at a relevant time, if- (a) it is given to a related party (other than by reason only of being an employee), during the period of two years ..... X X X X Extracts X X X X X X X X Extracts X X X X
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