Under Section 43 & 44 of Insolvency &

Bankruptcy Code, 2016

Dr. Mamta Binani

The Resolution Professional

…Applicant

Vs.

Rolta Middle East FZ LLC & Others

…Respondents In the matter of

C.P.(IB) No. 530/MB/2020

Union Bank of India

Financial Creditor

Vs.

Rolta India Limited

Corporate Debtor

Order delivered on: 02.05.2024

Coram:

Shri Prabhat Kumar Justice V.G. Bisht (Retd.) Hon’ble Member (Technical) Hon’ble Member (Judicial)

CP (IB) 530 OF 2020 Appearances:

For the Applicant/RP : Ms. Aakanksha Nehra a/w Mr/

Aashish Darne and Ms. Gunjan Nayyar and Ms. Adya Singh, Advocates For the Respondent : Mr. Ameya Gokhale a/w Mr.

Manas Kotak, Advocates for Respondent No.1 & 3

ORDER

Per: Prabhat Kumar, Member (Technical)

1. This Application IA 3249/2023 is filed by Dr. Mamta Binani (“Applicant”) against Rolta Middle East Financial Creditor LLC & others, in the matter of Rolta India Limited (Corporate Debtor) under Section 60(5) of The Insolvency and Bankruptcy Code, 2016 ("Code"), seeking following reliefs :

a. Declare the transactions for a cumulative amount of Rs.

44,87,14,000/- described in Appendix "A" to the present application as preferential in nature in terms of Section 43 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "Code") and pass an order for avoidance of these transactions under Section 44 of the Code;

b. Direct the Respondent No. 1-3 to pay back the cumulative amount of Rs. 44,87,14,000/- to the Corporate Debtor being the value of the treatment prayed to be avoided in prayer clause 5.1.1 along with interest at such rate as deemed appropriate to this Tribunal to be paid till the actual date of payment;

2. The Present application is being filed under Section 43 and Section 44 of Insolvency and Bankruptcy Code 2016 (hereinafter referred to as "Code")

CP (IB) 530 OF 2020 on behalf of the Resolution Professional (hereinafter referred to as the "Applicant") of Rolta India Limited (hereinafter referred to as "Corporate Debtor") for avoidance of the preferential transactions in form of adjustment of a cumulative credit balance of Rs. 44,87,14,000/- of Respondent No. 1 Rolta Middle East FZ LLC (hereinafter referred to as "Rolta ME") appearing in the books of the Corporate Debtor against debit balance appearing in the books of the Corporate Debtor owed by the Corporate Debtor to the Respondent No. 2 Rolta Saudi Arabia Limited (hereinafter referred to as "Rolta Saudi"); during the period commencing from 19.01.2021 to 19.01.2023 (hereinafter referred to as "Relevant Period") in preference to the other creditors of Corporate Debtor.

2.1. The said transaction was identified by the professional appointed by the Applicant for reviewing of the transactions of the Corporate Debtor during the Relevant Period and on conducted further study, the Applicant has also found that these transactions that have been identified by the professional, fall under the scope of Section 43 of the Code.

2.2. Furthermore, in the humble submission of the Applicant even as on date huge amount is appearing to be due and payable to the Corporate Debtor from the Respondent No. 1 and hence, consequential directions of payment of the money equivalent to the value of transactions being avoided, deserves to be passed along with interest against all the Respondents being jointly and severally liable.

2.3. That the explanation provided in the response sent by the management of the Corporate Debtor to the professional appointed by the Applicant, on being notified of these transactions, also does not fall under any of the exceptions provided under Section 43 of the Code.

CP (IB) 530 OF 2020

2.4. That hence, the present application seeking directions under Section

43 and 44 of the Code against the Respondents.

3. Heard learned counsel for the both sides and perused the records.

3.1. Section 43 of the Code deals with preferential transactions and relevant time. Section 43 of the Code is as follows:

“43 : Preferential transactions and relevant time.-

(1) Where the liquidator or the resolution