MA No. 2297/MB/C-I/2019

In

C.P (IB) No.527/MB/C-I/2018

An application under Section 66 of the Insolvency and Bankruptcy

Code, 2016

Filed by

Mr. Jitendrakumar Yadav

Liquidator of

Project Master Electricals Private Limited

…Applicant

Versus

Janak Barot and Ors.

…Respondents In the matter of

Andhra Bank

…Financial Creditor

Versus

Project Master Electricals Private Limited

… Corporate Debtor

Order Pronounced on: 12.04.2024

Coram:

Hon’ble Member (Judicial) : Justice V.G. Bisht (Retd.)

Hon’ble Member (Technical) : Mr. Prabhat Kumar

Appearances:

For the Applicant : Mr. Prakash Shinde, a/w Ms. Ruchita

Jain, Advocates

For the Respondents : None Appeared

ORDER Per: Prabhat Kumar, Member (Technical)

1. The Applicant has filed the present Application impugning certain transactions under Section 66 of the Insolvency and Bankruptcy Code, 2016 (‘Code’). The reliefs sought by the Applicant as are follows:

a. Pass an order and declare that sale of inventory to Respondent No. 5 be declared a transaction that was entered with an intent to defraud the creditors of the Corporate Debtor or for a fraudulent purpose, envisaged in Section 66 of the Code and the Adjudicating Authority by an order direct the Respondent No. 1 and 2 (Pro