https://www.taxtmi.com/caselaws?id=762714 Section 43 of the Insolvency and Bankruptcy Code was not attracted because the alleged preferential payment was made by a third party in response to a statutory notice under the Madhya Pradesh VAT Act, not by the corporate debtor through any transfer of property or interest. Section 14 was also not breached because the VAT amount was recovered from the third party under the statutory recovery mechanism, without any recovery from the corporate debtor or its assets. On that basis, the direction to refund the amount was held unsustainable and the resolution professional's application could not survive. en-us Thu, 05 Dec 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762714 Section 43 of the Insolvency and Bankruptcy Code was not attracted because the alleged preferential payment was made by a third party in response to a statutory notice under the Madhya Pradesh VAT Act, not by the corporate debtor through any transfer of property or interest. Section 14 was also not breached because the VAT amount was recovered from the third party under the statutory recovery mechanism, without any recovery from the corporate debtor or its assets. On that basis, the direction to refund the amount was held unsustainable and the resolution professional's application could not survive. Case-Laws IBC Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762714