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TMI Blog2024 (3) TMI 601X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel appearing for the Resolution Professional. This Appeal has been filed against order dated 06.07.2022 passed by the Adjudicating Authority in I.A. No.314/KB/2022. The Appellant before us were Respondent No.3 to 7 to the I.A. No. 314/KB/2021. The Resolution Professional had filed the application under Sections 43, 45, 49 and 66 of the IBC Code seeking relief. 2. Learned counsel for the Appellant fairly submits that the Appellant could not file Reply to the I.A. Learned counsel for the Appellant challenging the order contends that the Adjudicating Authority in the impugned order has only noticed the opinion of the Resolution Professional and has not adjudicated about the ingredients of Section 43, 45, 49 and 66, specifically. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is noticed that in the present case, the JRP moved one composite application purportedly Under Sections 43, 45 and 66 of the Code while alleging that the transactions in question were preferential as also undervalued and fraudulent. In our view, in the scheme of the Code, the parameters and the requisite enquiries as also the consequences in relation to these aspects are different and such difference is explicit in the related provisions. As noticed, the question of intent is not involved in Section 43 and by virtue of legal fiction, upon existence of the given ingredients, a transaction is deemed to be of giving preference at a relevant time. However, whether a transaction is undervalued requires a different enquiry as per Sections 45 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we look into the judgment of Adjudicating Authority from Para 1 to 25, the Adjudicating Authority has only noted the facts of the case and respective contentions of both the parties. Findings of the Adjudicating Authority are only contained in Paras 27 and 28, which are as follows: "27. Let us now consider whether these transactions have taken place within the look back period with respect to undervalued and preferential transactions i.e. one year preceding the insolvency commencement date. From the table given in paragraph 8 above, it is pertinent to note that only the transactions that have been entered into with Respondent Nos. 3, 4, 5, 6, 7, 8, 11 fall within the look back period. 28. The Resolution Professional has clearly determin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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