NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI BENCH (COURT-II)

IA. NO. 6485/ND/2023

IN

Company Petition No. (IB)-744/ND/2022

IN THE MATTER OF (IB)-744/ND/2022:

(SECTION: 7 of IBC, 2016)

Advani Private Limited … Applicant/

Financial Creditor

Versus

Starlit Power Systems Limited … Respondent/

Corporate Debtor

AND IN THE MATTER OF IA NO. 6485/ND/2023:

(SECTION: 66(1) of IBC, 2016)

Ms Reshma Mittal

Resolution Professional of

Starlit Power Systems Limited

Registered office:

R-4/39, Raj Nagar,

Ghaziabad-201002 … Applicant/Resolution

Professional

Versus

1. Mr Yogesh Kumar Gupta

Director, Suspended Board of Corporate Debtor

Registered office:

Flat No. 100 B, DG-2, Vikaspuri,

West Delhi-110018

2. Mr Kamaljeet Singh Jaswal

Director, Suspended Board of Corporate Debtor

Registered office:

B-10/236, 1st Floor, Amritpuri,

East of Kailash, South Delhi-110065

3. Mr Hari Prasad Paudel

Director, Suspended Board of Corporate Debtor

Registered office:

A-1/51, Safdarjung Enclave,

South West Delhi-110029

4. Mr Nikhil Kanwar Director, Suspended Board of Corporate Debtor Registered office:

Post Office, Talyam Tehsil Sadar Sanyardi Mandi, Himachal Pradesh-175001

5. Ms Cherry Director, Suspended Board of Corporate Debtor Registered office:

A-34X DDA Flat, Jahangir Puri Delhi-110033 … Respondents Order Delivered on: 12.06.2025 CORAM:

SH. ASHOK KUMAR BHARDWAJ, HON’BLE MEMBER (J)

MS. REENA SINHA PURI, HON’BLE MEMBER (T)

PRESENT:

For the Petitioner :

For the Respondent : Adv. Swapnil Gupta, Adv. Vaibhav Mendiratta Adv. Ekansh Mishra for R-8

ORDER

PER: MS. REENA SINHA PURI, MEMBER (T)

IA-6485/2023 The present IA No. 6485 of 2023 has been preferred by Ms Reshma Mittal, the Resolution Professional (Applicant/RP) of the Corporate Debtor, M/s Starlit Power Systems Ltd (CD) before this Adjudicating Authority under Section 66 of the IBC, Insolvency and Bankruptcy Code, 2016 for declaring certain transactions as fraudulent transactions and directing the Respondents to make contribution of Rs 12.29 crores to the assets of the CD.

2. The factual backdrop of the case is the admission of the CD into CIRP by order dated 20.03.2023 of this Adjudicating Authority Tribunal and appointment of Mr Khushvinder Singhal Nas as the Interim Resolution Professional (IRP) in terms of the aforementioned order. On 17.05.2023, the IRP appointed M/s Ashok Shyam & Associate as Transaction Auditor to conduct transaction audit of the CD and assist him in identifying whether the CD had been subjected to any transactions covered under sections 43, 45, 50 or 66 of the IBC. The transaction audit report was submitted on 26.07.2023. On the same day, Ms Reshma Mittal, Applicant here, was appointed as RP. Following queries by the RP, the TA issued an addendum to the audit report on 17.10.2023. The present application refers to the findings of the transaction audit report and also its addendum.

3. The Applicant/RP has alleged various fraudulent transactions on the part of the CD and identified these under various heads – lease of the mortgaged factory premises without prior permission of the bank; absence of any security deposit; undervalued rent of the factory premises and its infrastructure; ambiguity in ownership of machinery; non-maintenance of assets of the CD by the tenant; possibility of double financing; non-genuine debtors; transactions routed through bank account of group company; locking up funds in capital WIP; conversion of stock into scrap; false claim of fire on the factory premises etc.

About Lease of Mortgaged Factory Premises and related issues

4. The Resolution Professional (RP) has alleged that the mortgaged property and hypothecated assets of the Corporate Debtor (CD) were leased2 to M/s Future Energy (tenant) on 22.11.2021 without the consent of the

2 Copy of Lease agreement dated 22.11.2021 annexed as A-5 of the Application

secured lender and without a proper security deposit, save for an undated, conditional cheque of Rs. 10 lakh. Despite repeated queries3, the Respondents failed to provide any permission letter or satisfactory exp