ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open Court vide separate sheet Sd/- Sd/- DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE MEMBER (TECHNICAL) MEMBER (JUDICIAL) IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCH - 2 I.A. No. 83 of 2022 In CP (IB) No. 473/ NCLT/ AHM/ 2018 [Application under Section 43(1) of Insolvency and Bankruptcy Code,

2016) In the matter of: Keyur Jagdishbhai Shah Liquidator of Gangotri Glazed Tiles Private Limited [IP Reg. No. IBBI/IPA-002/IP-N00244/2017-18/10729] Office of Resolution Professional:

1007, Sun Avenue One, Near Shreyas Foundation, Manekbaug Society, Ambawadi, Ahmedabad, Gujarat - 380015 .... Liquidator/Applicant Versus 1. Arvindkumar Chandulal Patel Suspended Management of Corporate Debtor i.e., Gangotri Glazed Tiles Private Limited 3 Kayaji Plot, Behind Sardar Baug, Shanala Road Morbi, Gujarat, India - 363641 …Respondent No. 1 2. Chandulal Manjibhai Patel Suspended Management of Corporate Debtor i.e., Gangotri Glazed Tiles Private Limited 3 Kayaji Plot, Behind Sardar Baug, Shanala Road Morbi, Gujarat, India - 363641 ….Respondent No. 2 3. Hemangi Pravinbhai Patel C/0, 3 Kayaji Plot, Behind Sardar Baug, Shanala Road Morbi, Gujarat, India - 363641 …Respondent No. 3 4. Rashmiben Pravinkumar Patel C/0, 3 Kayaji Plot, Behind Sardar Baug, Shanala Road Morbi, Gujarat, India – 363641 ….Respondent No.4 5. Vrundavan Ceramic Private Limited (Under Corporate Insolvency Resolution Process) Survey No.143/2, 8-A National Highway B/H Gangotri Glazed Tiles Vill. Dhuva Tal Wankaner Gujarat - 363622 ….Respondent No. 5 6. Pravinbhai Chandulal Patel C/0, 3 Kayaji Plot, Behind Sardar Baug, Shanala Road Morbi, Gujarat, India -36364 …Respondent No. 6 Order pronounced on: 15.02.2024 Coram: Mrs. Chitra Hankare, Hon’ble Member (J) Dr. Velamur G Venkata Chalapathy, Hon’ble Member (T) Appearance: For the Applicant: Ms. Noopur Dalal, Adv. For the Respondent:

JUDGMENT

1. The present application is filed to report the preferential transactions under section 43 of the Insolvency and Bankruptcy Code, 2016 for seeking directions to make a contribution to the assets of the Corporate Debtor for entering into Preferential Transactions in respect of M/s. Gangotri Glazed Tiles Private Limited.

2. The Applicant was appointed as the Liquidator of Gangotri Glazed Tiles Private Limited, Corporate Debtor by the order passed by this Tribunal on 02.11.2020.

3. The brief facts of the Case are hereunder:

4. It is submitted that in the 03rd COC meeting dated 21st September 2020, the Resolution Professional proposed to

undertake either a Forensic or Transactional Audit to examine and evaluate the financial records of the Corporate Debtor, which may help to determine preferential, fraudulent, оr extortionate credit transactions undertaken by the suspended management of the Corporate Debtor before commencement of CIRP. That on 31st October, 2020, the Resolution Professional appointed Pipara & Co. LLP, to conduct a Forensic/transaction Audit on the Corporate Debtor to determine the existence of any potential diversion or siphoning of funds for the period of 2 years immediately preceding the CIRP commencement date.

5. That pursuant to the decision taken by the Committee of Creditors vide Meeting held on 21st September, 2020 to liquidate the Corporate Debtor, the applicant filed an application before the Hon'ble NCLT, Ahmedabad Bench wherein order for liquidation in respect of the Corporate Debtor was passed and the Applicant was appointed as Liquidator in respect of the Corporate Debtor.

6. The Scope of the Forensic/transaction Audit Report by Pipara & Co. LLP was to form an opinion as to whether any of the transa