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The NCLAT held that the moratorium under Section 14 of the IBC precludes financial creditors from enforcing security or recovering amounts from the corporate debtor. However, the Rs.8,92,980 paid to the financial creditor was not from the corporate debtor's account but from a co-applicant's separate account, thus excluding the transaction from the ambit of preferential transactions under Section 43. The tribunal found no merit in the adjudicating authority's direction to reverse the payment, as it lacked statutory support under Sections 14 or 43 of the IBC. Furthermore, there was no prohibition on authorized persons taking possession of the corporate debtor's assets. Consequently, the appeal was allowed, and the order directing reversal of the payment was set aside.
The NCLAT held that the moratorium under Section 14 of the IBC precludes financial creditors from enforcing security or recovering amounts from the corporate debtor. However, the Rs.8,92,980 paid to the financial creditor was not from the corporate debtor's account but from a co-applicant's separate account, thus excluding the transaction from the ambit of preferential transactions under Section 43. The tribunal found no merit in the adjudicating authority's direction to reverse the payment, as it lacked statutory support under Sections 14 or 43 of the IBC. Furthermore, there was no prohibition on authorized persons taking possession of the corporate debtor's assets. Consequently, the appeal was allowed, and the order directing reversal of the payment was set aside.
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