https://www.taxtmi.com/caselaws?id=437111 The National Company Law Tribunal (NCLT) held that the transactions by the Corporate Debtor were preferential under Section 43 of the Insolvency and Bankruptcy Code, 2016, involving repayments of unsecured loans within the specified look-back period. The Tribunal ruled that the transactions were not in the ordinary course of business, maintaining the composite application under multiple sections of the Code. Despite arguments of pressure from lenders, the Tribunal deemed the transactions preferential, directing the Appellants to refund the amounts within three months. The appeals were dismissed, granting an additional three months for compliance. en-us Mon, 24 Apr 2023 00:00:00 +0530 Thu, 27 Apr 2023 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437111 The National Company Law Tribunal (NCLT) held that the transactions by the Corporate Debtor were preferential under Section 43 of the Insolvency and Bankruptcy Code, 2016, involving repayments of unsecured loans within the specified look-back period. The Tribunal ruled that the transactions were not in the ordinary course of business, maintaining the composite application under multiple sections of the Code. Despite arguments of pressure from lenders, the Tribunal deemed the transactions preferential, directing the Appellants to refund the amounts within three months. The appeals were dismissed, granting an additional three months for compliance. Case-Laws Insolvency and Bankruptcy Mon, 24 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437111