Avoidance Relief u/s 43 Unsustainable without Proof that Corporate Debtor Granted Preference: NCLT Rejects ₹26.79 Crore Claim against Sintex Industries [Read Order]
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has dismissed an avoidance application seeking reversal of an alleged preferential transaction worth ₹26.79 crore, holding that relief under Section 43 of the Insolvency and Bankruptcy Code (IBC) cannot be granted unless it is established that the Corporate Debtor itself granted the alleged preference. The…