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NCLAT dismissed appeals challenging preferential transaction findings under IBC Sections 43 and 44. The Tribunal upheld the Adjudicating Authority's determination that payments made by Corporate Debtor to related parties during look back period were not in ordinary course of business. Despite procedural challenges regarding ex-parte order, the Tribunal found no procedural irregularities, as notices were issued and replies were filed. The related party transactions were deemed preferential and non-exempt, requiring refund to the Corporate Debtor. Appeals were conclusively rejected without merit.
NCLAT dismissed appeals challenging preferential transaction findings under IBC Sections 43 and 44. The Tribunal upheld the Adjudicating Authority's determination that payments made by Corporate Debtor to related parties during look back period were not in ordinary course of business. Despite procedural challenges regarding ex-parte order, the Tribunal found no procedural irregularities, as notices were issued and replies were filed. The related party transactions were deemed preferential and non-exempt, requiring refund to the Corporate Debtor. Appeals were conclusively rejected without merit.
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