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2023 Supreme(Online)(NCLAT) 1875
Cont’d…/ NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 405 of 2022 [Arising out of order dated 02.03.2022 passed by the National Company Law Tribunal, New Delhi in IA No. 5768 of 2020 in CP (IB) 814/ND/2019]
IN THE MATTER OF: 1. GVR Consulting Services Pvt. Ltd. A-58, Sector 65, Noida Vihar, Gautam Buddha Nagar, Uttar Pradesh-201301 Email: atulprga@gmail.com … Appellant No. 1. 2. GVR Electronics Pvt. Ltd. A-58, Sector 65, Noida Vihar, Gautam Buddha Nagar, Uttar Pradesh-201301 Email: atulprga@gmail.com ... Appellant No. 2. Versus 1. Pooja Bahry (Earstwhile Resolution Professional of NTL Electronics India Pvt. Ltd.) 59/27, Prabhat Road, New Rohtak Road, New Delhi-110005.
Email: pujabahry@yahoo.com … Respondent No. 1. 2. Praveen Gupta Flat No. H-1001, Vrinda City, Plot No. GH-02, Sector PHI-IV, Greater Noida, Uttar Pradesh- 201308 Email: pgntl8@gmail.com … Respondent No. 2. 3. Arun Gupta Flat No. 6012, ATS One Hamlet, Sector-104, Noida, Uttar Pradesh-201301 Email: arungupta.feedback@gmail.com …Respondent No. 3. 4. Udal Singh -2- Company Appeal (AT) (Insolvency) No. 405, 369 and 412 of 2022 567, Sector 37, Arun Vihar, Noida, Uttar Pradesh-201303 …Respondent No. 4. Present: For Appellants: Mr. Abhijeet Sinha, Ms. Aditi Sharma, Advocates For Respondents: Ms. Pooja Mahajan, Advocate with Ms. Pooja Bahry (erstwhile RP).
Ms. Mehak Nayak, Advocate Mr. Milan Singh Negi, Mr. Nikhil Jha, Advocates for R-2-4.
WITH Company Appeal (AT) (Insolvency) No. 369 of 2022 [Arising out of order dated 02.03.2022 passed by the National Company Law Tribunal, New Delhi in IA No. 5768 of 2020 in CP (IB) 814/ND/2019]
IN THE MATTER OF: Dyna Rasayan Ydyog Pvt. Ltd. Having its registered office at G-66/2 First Floor, Gautam Nagar, New delhi-110049 Through its Director/Authorised Signatory Mr. Santosh Kumar Maheshwari Email: maheshwari sk@yahoo.com Mob: 7827658301 ... Appellant. Versus 1. Pooja Bahry Ex-Resolution Professional for Respondent No. 2 59/27, Prabhat Road, New Rohtak Road, New Delhi-110005.
Email: ercon@ercon-india.com Mob: 9811071716 …Respondent No. 1. 2. NTL Electronics India Ltd. -3- Company Appeal (AT) (Insolvency) No. 405, 369 and 412 of 2022 Now Known as Narayan Industries Global Limited, Having its registered office at 504-A, Nagarjuna Apartment Chilla Regulator, Mayur Vihar, New Delhi-110096 Email: narayan47@narayanhome.com …Respondent No. 2. Present: For Appellant: Mr. Abhijeet Sinha, Mr. Gurcharan Singh Advocates.
For Respondents: Ms. Pooja Mahajan, Advocate with Ms. Pooja Bahry (erstwhile RP).
Mr. Gurcharan Singh, Ms. Mehak Nayak, Advocates WITH Company Appeal (AT) (Insolvency) No. 412 of 2022 [Arising out of order dated 02.03.2022 passed by the National Company Law Tribunal, New Delhi in IA No. 5768 of 2020 in CP (IB) 814/ND/2019]
IN THE MATTER OF 1. Praveen Gupta Flat No. H-1001, Vrinda City, Plot No. GH-02, Sector PHI-IV, Greater Noida, Uttar Pradesh-
201308. Appellant No. 1. 2. Arun Gupta Flat No. 6012, ATS One Hamlet, Sector-104, Noida, Uttar Pradesh-201301.
Appellant No. 2. 3. Keshika Exports Pvt. Ltd. 305, Guru Amar Dass Bhawan, 78, Nehru Place, New Delhi.
Appellant No. 3. Versus -4- Company Appeal (AT) (Insolvency) No. 405, 369 and 412 of 2022 Pooja Bahry (Earstwhile Resolution Professional of NTL Electronics India Ltd.) 59/27, Prabhat Road, New Rohtak Road, New Delhi-110005.
Email: pujabahry@yahoo.com ..Respondent. Present: For Appellant: Mr. Gaurav Mitra, Mr. Milan Singh Negi, Mr. Nikhil Jha, Advocates For Respondent:- Ms. Pooja Mahajan, Advocate with Ms. Pooja Bahry (erstwhile RP).
Ms. Mehak Nayak, Advocate
JUDGEMENT
ASHOK BHUSHAN, J. 1. These three Appeals have been filed against the same Order dated 02nd March, 2022 passed by the National Company Law Tribunal, New Delhi, Bench-V (hereinafter referred to as “The Adjudicating Authority”) allowing I.A. No. 5768 of 2020 in Company Petition (IB) No. 814/ND/2019 filed by the Resolution Professional (RP in short) under Section 43 of the Insolvency and Bankruptcy Code, 2016 (Hereinafter referred to as “The Code”). The Adjudicating Authority by the Impugned Order held the transactions by the Corporate Debtor in favour of the Appellants as preferential transactions and directed to refund the respective amount. Aggrieved by this Order, these Appeals have been filed.
-5- Company Appeal (AT) (Insolvency) No. 405, 369 and 412 of 2022 2. Company Appeal (AT) Ins. No. 405 of 2022 have been filed by the two Appellants namely GVR Consulting Services Pvt. Ltd. and GVR Electronics Pvt. Ltd. who were Respondent No. 4 and Respondent No. 7 to the I.A. No. 5768 of 2020. The Appellants are not related parties to the Corporate Debtor. The Resolution Professional filed the Application claiming transaction amounting to Rs. 1 Crore which were claimed to be repayment of unsecured loan on 04.09.2018, 11.09.2018, 24.09.2018, 25.09.2018 and 12.10.2018 totaling Rs. 1 Crore. Similarly, the total amount regarding Appellant No. 2 was Rs. 75 Lacs. Resolution Professional has pleaded in the Application that antecedent liability was discharged by the Corporate Debtor under the above transaction which was a preferential transaction.
3. Company Appeal (AT) Ins. No. 369 of 2022 has been filed by the Dyna Rasayan Udyog Pvt. Ltd. who was Respondent No. 6 to the I.A. No. 5768 of 2020. Resolution Professional in the Application has pleaded that Corporate Debtor had entered into a Loan Agreement dated 05.12.2015 with Respondent No. 6. As per ledger of Dyna Rasayan Udyog Pvt. Ltd. Corporate Debtor had payable balance of INR 2,04,48,767 as on 27.08.2017 which was discharged on 27.08.2018, 28.08.2018, 29.08.2018 and 29.08.2018 totaling Rs. 1,57,29,987/- which was claimed to be preferential transaction and has been held so by the Adjudicating Authority directing refund of the amount.
4. Company Appeal (AT) Ins. No. 412 of 2022 has been filed by the Praveen Gupta, Arun Gupta and Keshika Exports Pvt. Ltd. who were Respondent No. 1, 2 and 5 to the I.A. No. 5768 of 2020. Praveen Gupta -6- Company Appeal (AT) (Insolvency) No. 405, 369 and 412 of 2022 and Arun Gupta were managing directors of the Corporate Debtor till the commencement of the Corporate Insolvency Resolution Process (CIRP in short) and wherein the control of the Corporate Debtor and day to day actions for the entire period of the transaction. Keshika Exports Pvt Ltd – Appellant No. 3 was related party to the Corporate Debtor. The antecedent liability of the corporate debtor towards Respondent No. 1 Mr. Praveen Gupta was discharged making payment from 19.12.2017 to 02.03.2019 totaling to Rs. 1,97,50,000/- with respect to Appellant No. 2 Arun Gupta towards antecedent liability of the corporate debtor was discharged by making payment from 06.09.2017 to 05.12.2017 totaling Rs. 90,00,000/-. With regard to Appellant No. 3-Keshika Exports Pvt. Ltd., antecedent liability of the corporate debtor towards Appellant No. 3 was discharged on 31.08.2018 of amount of Rs. 2,49,338/-. 5. We may notice brief facts giving rise to these Appeals.
(i) CIRP against the Corporate Debtor commenced by Order dated 27.08.2019. On 16.09.2019 and 27.09.2019 public announcement was made. In CoC meeting dated 30.10.2019, Pooja Bahry was appointed as Resolution Professional of the Corporate Debtor.
(ii) On 09.09.2020, Resolution Professional appointed a Transaction Auditor i.e. Pipara & Co. to conduct the audit of the Corporate Debtor for the period 01.04.2016 to 27.08.2019. Transaction Auditor submitted its final report to the Resolution Professional.
Resolution Professional ha
