Page 1 of 24

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

KOLKATA

IA (IB) No. 304/KB/2021

in

CP (IB) No. 1702/KB/2018

In the matter of:

An application under section 25(2)(j), 43, 45 and 66 of the Insolvency and Bankruptcy

Code, 2016.

And

In the matter of:

Espee Sarees Private Limited

…Financial Creditor

Versus

Skipper Textiles Private Limited

…Corporate Debtor

And

In the matter of:

Nitesh

Kumar

More

[Resolution

Professional

of

Skipper

Textiles

Private Limited (in CIRP)]

…Applicant

Versus

Kamlesh Agarwal

...Respondent No. 1

Tanay Agarwal

...Respondent No. 2

Skipper Homes Private Limited

...Respondent No.3

Skipper Furnishings Private Limited

...Respondent No.4

Excel Furnishings

...Respondent No.5

Curtainman Online Private Limited

...Respondent No.6

Order reserved on: 03.08.2021

Order pronounced on: 25.11.2021

Coram:

Shri Rajasekhar V.K.

Shri Harish Chander Suri

:

: ^{Member (Judicial)}

Member (Technical)

Appearances (through video conference)

For the Applicant

: 1. Mr. Krishna Raj Thakker, Advocate

2. Mr. Saurav Jain, Advocate

3. Mr. Arun Kumar Gupta, CA

For Respondents

: 1. Mr. Ratnanko Banerji, Sr. Advocate

2. Ms. Urmila Chakraborty, Advocate

3. Mr. Nikunj Berlia, Advocate

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH, KOLKATA

IA (IB) No.304/KB/2021 in

CP (IB) No.1702/KB/2018

Page 2 of 24

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. Nitesh Kumar More, the

Resolution Professional (RP) of Skipper Textiles Private Limited (Corporate

Debtor) alleging preferential, undervalued and fraudulent transactions done by

and between the Corporate Debtor and Respondent Nos. 1-6.

Facts of the Application, in brief, are as follows:

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

Corporate Insolvency Resolution Process (CIRP) on 28.06.2019 and Mr.

Pradeep Kumar Goenka was appointed as the Interim Resolution Professional

(IRP) of the Corporate Debtor. Upon assuming the position, the IRP issued

Public Announcement on 01.07.2019. Vide order dated 26.07.2019, Mr.

Pradeep Kumar Goenka was confirmed as the Resolution Professional (RP).

Vide order dated 20.12.2019, Mr. Pradeep Kumar Goenka was replaced by Mr.

Nitesh Kumar More, the Applicant herein to function as the RP.

4. The RP appointed R. Dokania & Co., Chartered Accountants (Auditor) to

conduct the Forensic Audit of the Corporate Debtor. The said auditor submitted

its Forensic Audit Report (Audit Report) vide letter dated 09.12.2019.

5. Upon receipt of the Audit Report, the RP asked the Auditor to scrutinize

additional transactions and provide their observations on the same. The Audit

undertaken was for the period of 28.06.2017 to 28.06.2019. The Auditor

submitted its final addendum to the Audit Report dated 08.03.2020. Copies of

Audit Report and addendum are annexed as Annexure C to the Petition.

6. The applicant submits that from the said report, “it transpires and also the RP

has determined and is of the opinion that the Corporate Debtor was subjected to

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH, KOLKATA

IA (IB) No.304/KB/2021 in

CP (IB) No.1702/KB/2018

Page 3 of 24

preferential, undervalued and fraudulent transactions.” It is established from the

Audit Report that the majority of sales of Corporate Debtor is being made to its

group companies or related parties. A chart containing the relations of the

parties is annexed to the Application as Pages 101 and 102.

7. During the review period, a huge cash balance amounting to ₹1.79 crores has

been observed in the books of accounts of the Corporate Debtor. Considering

the nature of the business of the Corporate Debtor, maintaining such a huge

balance of cash on a regular basis.

8. It is observed from the report submitted by the Auditor