Page 1 of 11

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

KOLKATA

IA No.54/KB/2020

In

CP (IB) No.436/KB/2019

In the matter of

An application under section 43 read with section 44 of the Insolvency and

Bankruptcy Code, 2016 read with Regulation 40 of the Insolvency and

Bankruptcy Board of India (Insolvency Resolution Process for Corporate

Persons) Regulations, 2016.

And

In the matter of

Jai Balaji Industries Limited

(Represented by Mr. Sougata Ghosh)

…Financial Creditor

Versus

Bholanath Ingots Private Limited

…Corporate Debtor

And

In the matter of

Rakesh Kumar Agarwal

(RP of Bholanath Ingots Private Limited)

...Applicant

Versus

1. Aftek Traders Private Limited

2. Subhlabh Steels Private Limited

3. Suraj Fabrics Industries Limited

4. Y. R. Traders private Limited

5. Indo American Electricals Limited

...Respondents

Order reserved on: 25.06.2021

Order pronounced on: 21.09.2021

Coram:

Shri Rajasekhar V.K.

:

Member (Judicial)

Shri Harish Chander Suri

:

Member (Technical)

Appearances (through video conferencing):

For Applicant

:

Mr. Anurag Mitra, Advocate

Ms. Pritha Basu, Advocate

Mr. Aryaa Chatterjee, Advocate

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

IA No.54/KB/2020 In

CP (IB) No.436/KB/2019

Page 2 of 11

Mr. Rakesh Agarwal, Advocate

For Respondent No. 1

:

Mr.

Ratnanko

Banerji,

Sr.

Advocate

Mr. Kanishk Kejriwal, Advocate

Ms. Priyanka Sharma, Advocate

For Respondent No. 2

:

Mr. Ramendu Agarwal, Advocate

For Respondent No. 4

:

Ms. Urmila Chakraborty, Advocate

Ms. Shivangi Dixit, Advocate

Ms. Sristi Barman Roy, Advocate

Ms. Shivangi Thard, Advocate

ORDER

Per:

Rajasekhar V.K., Member (Judicial)

Preamble

1. This court convened via video conference today.

2. The present application has been filed by Mr. Rakesh Kumar Agarwal

the Resolution Professional (RP) of Bholanath Ingots Private Limited

Private (the Corporate Debtor) alleging preferential transactions done

by and between Corporate Debtor and the Respondents, namely, (i)

Aftek Traders Private Limited, a private company incorporated on

19.11.1996 under the Companies Act, 1956 having its registered office

at Elegant Towers 224A, AJC Bose Road, Kolkata-700017, (ii)

Subhlabh Steels Private Limited, a private company incorporated on

01.08.1991 under the Companies Act, 1956 having its registered office

at Room No. 202, l, British India Street, Kolkata-700069, (iii) Suraj

Fabrics

Industries

Limited,

a

public

company

incorporated

on

02.02.1995 under the Companies Act, 1956 having its registered office

at Elegant Towers 224A, AJC Bose Road, Kolkata-700017, (iv) Y. R.

Traders Private Limited, is a Private Company incorporated on

14.06.2017 under the Companies Act, 1956 having its registered office

at Room No. 202, 1, British India Street, Kolkata-700069 and (v) Indo

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

IA No.54/KB/2020 In

CP (IB) No.436/KB/2019

Page 3 of 11

American Electricals Limited, a public company incorporated on

23.09.1961, under the Companies Act, 1956 having its registered

office at Elegant Towers 224A, AJC Bose Road, Kolkata-700017.

3. Although the memo of parties on page VII of the Application mentions

only five aforesaid Respondents, the detail of Respondents starting at

page 5 of the Application contains six Respondents, the sixth one

being

Chaitanya

Alloys

Private

Limited,

a

private

company

incorporated on 01.05.1995 under the Companies Act, 1956 having its

registered office at 1, British India Street, Kolkata-700069.

4. The Applicant submits that the Corporate Debtor was admitted into the

Corporate Insolvency Resolution Process (CIRP) on 07.08.2019 and

the Applicant was appointed as the Interim Resolution Professional of

the Corporate Debtor. The appointment of the Applicant as the

Resolution Professional of the Corporate Debtor was approved by the

Committee of Creditors (CoC) of the Corporate Debtor in the first

meeting of the CoC held on 05.09.2019.

5. In the second CoC meeting held on 14.10.2019, the appointment of a

forensic/transaction audi