The NCLAT upheld the Liquidator's findings that the appellant's...

The NCLAT upheld the Liquidator's findings that the appellant's transactions involving purchase and return of Hot Roll Trimming from the Corporate Debtor constituted undervalued transactions under Section 45 of the IBC, causing financial loss. The forensic audit confirmed these were not ordinary course transactions but intended to confer undue benefit. The lookback period was correctly applied-two years for related parties and one year for unrelated parties-placing the relevant period between 28.04.2016 and 28.04.2017. Adjustments to loss figures were accepted, and recovery will proceed accordingly. Allegations of misconduct by the Resolution Professional and lack of Adjudicating Authority approval for forensic auditor appointment were dismissed as meritless. Transactions by third parties fall within Section 45's ambit as unrelated parties. Appeals were dismissed except for claims regarding transactions outside the stipulated lookback period.