Payment of Rs. 2.5 Crore to Appellant Ruled as Preferential Despite Occurring Over a Year Before Insolvency Process.

Payment of Rs. 2.5 Crore to Appellant Ruled as Preferential Despite Occurring Over a Year Before Insolvency Process. https://www.taxtmi.com/highlights?id=52653 CIRP Proceedings - scope of preferential transactions - It was submitted that the "corporate debtor" paid a sum of ₹ 2,50,00,000 towards part payment of principal amount to the appellant on October 29, 2016 which is more than one year before the commencement date of initiation of the "corporate insolvency resolution process", therefore, it cannot be termed to be "preferential transactions". - The contention rejected. en-us Tue, 31 Mar 2020 12:25:12 +0530 Tue, 31 Mar 2020 12:25:12 +0530 TaxTMI RSS Generator Payment of Rs. 2.5 Crore to Appellant Ruled as Preferential Despite Occurring Over a Year Before Insolvency Process. https://www.taxtmi.com/highlights?id=52653 CIRP Proceedings - scope of preferential transactions - It was submitted that the "corporate debtor" paid a sum of ₹ 2,50,00,000 towards part payment of principal amount to the appellant on October 29, 2016 which is more than one year before the commencement date of initiation of the "corporate insolvency resolution process", therefore, it cannot be termed to be "preferential transactions". - The contention rejected. Highlights Insolvency and Bankruptcy Tue, 31 Mar 2020 12:25:12 +0530 https://www.taxtmi.com/highlights?id=52653