SEBI and Corporate Laws – July 15, 2019

2019] 197
above, steps should be taken for outright sale of the ‘Corporate Debtor’ so as to
enable the employees to continue.”

The

Appeal

stands

disposed

of

with

the

aforesaid

directions

as

passed

in

the^

above

order.

nn

[2019] 154 SCL 197/106 taxmann.com 219 (NCL-AT)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, DELHI

Anup Kumar

v.

BDR Builder & Developers (P.) Ltd.

JUSTICE S.J. MUKHOPADHAYA, CHAIRPERSON

AND BANSI LAL BHAT, JUDICIAL MEMBER

COMPANY APPEAL (AT) (INSOLVENCY) NOS. 679, 680 AND 681 OF 2018

†

MAY 2, 2019

Where corporate debtor being real estate developer transferred land allot-
ted to it by Noida Authority to respondents, since, respondents were not
related party to corporate debtor nor transfer had been made during one
year preceding insolvency commencement date, it could not be said that
said transfer being preferential transfer had been carried out with an intent
to defraud creditors

Section 43 of the Insolvency and Bankruptcy Code, 2016 - Corporate liquidation
process - Preferential transactions and relevant time - Corporate debtor was in
business of development of real estate and was allotted land by Noida Authority
to develop a commercial complex - Corporate debtor transferred same to vari-
ous purchasers including respondents - RP of corporate debtor alleged that said
transactions being preferential transfer were carried out with a view to defraud
creditors and thus, was to be set aside - It was noted that section 43 deals with
preferential transaction and relevant period for preferential transaction is either
one year preceding insolvency commencement date or transaction made with a
related party within period of two years preceding insolvency commencement

†Arising out of CP (IB) No. 525 (ND)/ 2017 , dated 3 - 10 - 2018.

Anup Kumar

v.

BDR Builder & Developers (P.) Ltd. (NCL-AT)