https://www.taxtmi.com/caselaws?id=760233 The NCLAT set aside the NCLT order regarding a related party transaction claim under Section 43 of IBC. The tribunal held that since the outstanding transaction occurred more than two years prior to CIRP commencement date, relief under Section 43 was not available, citing SC precedent in Anuj Jain case. The lookback period for related parties is two years versus one year for non-related parties. The respondent was granted liberty to pursue alternative legal remedies including Section 66 of the Code. Appeal was disposed of. en-us Mon, 14 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760233 The NCLAT set aside the NCLT order regarding a related party transaction claim under Section 43 of IBC. The tribunal held that since the outstanding transaction occurred more than two years prior to CIRP commencement date, relief under Section 43 was not available, citing SC precedent in Anuj Jain case. The lookback period for related parties is two years versus one year for non-related parties. The respondent was granted liberty to pursue alternative legal remedies including Section 66 of the Code. Appeal was disposed of. Case-Laws IBC Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760233