NCLT Chennai dismissed three applications filed by EAP Infrastructure's Resolution Professional alleging fraudulent trading, preferential transactions, and undervalued sales.
The tribunal found the RP's methodology flawed, ruling transactions with related party Amar Prakaash Developers were in ordinary business course.
Applications sought recovery of ₹39.77 crore for alleged fraud and reversal of land and asset transfers valued at ₹2.61 crore and ₹1.12 crore.
Tribunal held the RP failed to provide sufficient evidence of fraudulent intent or undervalued transactions as required under IBC sections 66, 43, and 45.