On a preferential transaction application under Section 43 of the Code, the Tribunal dismissed the plea as not maintainable, holding that no preferential transaction existed due to absence of antecedent debt, though noting the amount is recoverable without such classification.
Application dismissed as not maintainable.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
IA No. 421/2022 IN
CP (IB) No.923/MB-IV/2020 In the matter of IA-421/2022 Gajesh Labhchand Jain … Applicant V/s. Omnibus Infrastructure Private Limited & Ors. …Respondents IN CP (IB) No.923/MB-IV/2020 Under Section 7 of the IBC, 2016 In the matter of Axis Bank …Financial Creditor V/s. Talwalkar Healthclubs Limited
…Corporate Debtor Order Pronounced on: 09.06.2023 Coram: Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
IA No. 421/2022 IN CP (IB) No.923/MB-IV/2020 ________________________________________________________________________________________ Appearances (via videoconferencing):_ For the Applicant/Liquidator: Mr. Yashish Chandra a/w mr. Ramakant Rai, Mr. Ravin Kapur, and Mr. Shivam Sharan,Adv. For the Respondents: None present.
ORDER
Per: Kishore Vemulapalli, Member (Judicial)
Page 2 of 4
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
IA No. 421/2022 IN CP (IB) No.923/MB-IV/2020
Corporate Debtor during the period 2 (two) year prior to the ICD and the said amount is receivable as on 31.08.2019 as per the books of the Corporate Debtor. The said payment is stated to have been made during 10 March 2019 to 09, March 2021 i.e. within a period of two years from the insolvency commencement date as provided in section 43(4)(a) of the Code.
Page 3 of 4
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
IA No. 421/2022 IN CP (IB) No.923/MB-IV/2020
ought to have paid the said amount to the Corporate Debtor. In so far as interest at the rate of 12% concerned, the decision of this bench in IA420/2023 at para 10 of the order therein applies to the aforesaid transaction.
Sd/- Sd/- PRABHAT KUMAR KISHORE VEMULAPALLI MEMBER (TECHNICAL) MEMBER (JUDICIAL) 09.06.2023
Page 4 of 4
2 issues framed by the court
Whether the disputed payment constitutes a preferential transaction under Section 43 of the Code given the absence of antecedent financial or operational debt owed by the Corporate Debtor.
Whether the application seeking direction to pay a declarable amount is maintainable when the transaction is not a preferential one.
2 provisions across 2 enactments
Gajesh Labhchand Jain
Omnibus Infrastructure Private Limited
Prabhat Kumar
Kishore Vemulapalli
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
