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Judgment
O R D E R
Heard learned counsel for the Appellant. This Appeal has been filed against the order dated 26.09.2022 by which order the Adjudicating Authority has rejected application filed by the Appellant under Section 43,45 and 66 of the I&B Code.
Learned counsel for the Appellant submits that with regard to transactions under Section 43 and 45 there was transactions with one related party, hence, in accordance with Section 45(2) the look back period ought to have been 2 years, whereas, Adjudicating Authority has treated the period as one year only. He further submits that with regard to fraudulent transactions the Adjudicating Authority committed error in observing that those entities who were benefited ought to be impleaded, whereas impleadment was not necessary.
We have considered the submission of learned counsel for the parties and perused the record. Insofar as transaction under Section 43 and 45 are concerned, even if look back period of two years is taken, admittedly, the transactions were held two years before the initiation of CIRP. The CIRP was initiated on 26.04.2018 and transactions were held in March, 2016, hence they were not covered by Section 43.
Insofar as fraudulent transactions are concerned, the Adjudicating Authority has considered the said submission on merits, examined each transaction and with regard to said transaction the Adjudicating Authority has stated that those transactions were in the natural course of business and it cannot be said that there was any fraudulent transaction.
Insofar as submission of learned counsel for the Appellant regarding observation of the Adjudicating Authority that parties who are benefited because of the fraudulent transactions having not been brought on the record, suffice it to say that the Adjudicating Authority has not based its decision solely on the said observation rather examined the merits of transaction for coming to the conclusion that the transactions were not fraudulent transactions. The Adjudicating Authority in detail have considered the said issue from Para 19 to para 30.
We are of the view that no different opinion can be taken with regard to findings on merits and for the purpose of this case it is not necessary to give any concluding opinion with regard to joinder of parties. With above observations, Appeal is dismissed.