Fortune Gilts Private Limited vs Piramal Capital & Housing Finance ...

Fortune Gilts Pvt. Ltd. ...Appellant

Versus

Piramal Capital & Housing Finance Ltd. ...Respondent

Present: For Appellants: Mr. Abhijit Sinha, Sr. Advocate with Mr. M.S. Vishnu Sankar, Mr. Lzafeer Ahmad B.F., Advocates. For Respondent: Ms. Chitra Rentala, Ms. Kriti Srivastava, Mr. Manikanda Prabhu, Ms. Shatakshi Tripathi, Advocates.

ORDER

(Hybrid Mode)

28.03.2024: Heard Shri Abhijeet Sinha, learned senior counsel for the

Appellant and learned counsel appearing for the Respondent. This Appeal has

been filed against order passed by the Adjudicating Authority dated

04.01.2024 by which I.A. No.3120 of 2023 filed by the Appellant has been

rejected.

2. Learned counsel for the Appellant submits that Appellant was not a

creditor of the Corporate Debtor which is essential condition for holding any

transaction as preferential transaction under Section 43. It is submitted that

the Appellant was not a creditor and his name ought not to have been

impleaded in I.A. No.2524 of 2020, which was avoidance application.

Cont'd.../ -2-

3. Learned counsel for the Respondent does not dispute the submission

that Appellant is not a creditor. Learned counsel for the Respondent submits

that as per para 5.24 of I.A. No.2524 of 2020, the Appellant was not a creditor

of the Corporate Debtor. Proceedings for preferential transaction could have

been proceeded only against the creditors and the Appellant being not a

creditor of the Corporate Debtor, the Adjudicating Authority ought to have

been deleted the name of the Appellant from I.A. No.2524 of 2020. Learned

counsel for the Respondent submits that there are other Respondents to the

I.A. against whom the application has to be proceeded with and decided.

4. We make it clear that we are only concerned in present case with regard

to Appellant's name, who is party respondent in I.A. No.2524 of 2020. In view

of the submissions of counsel for the parties, as noticed above, we are of the

view that I.A. No.3120 of 2023 deserve to be allowed and name of the Appellant

be deleted from I.A. No.2524 of 2020. Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.414 of 2024