NCLT Mumbai dismissed Resolution Professional's application seeking recovery of ₹1,139 crore from directors and parties for alleged preferential and fraudulent transactions.
The RP alleged six fraudulent transactions totaling ₹1,083 crore related to unrecovered receivables from six customers and two preferential payments totaling ₹8.22 crore.
Tribunal found transactions were commercial decisions made under lender oversight, with no evidence of fraud, and noted prior forensic audits found no siphoning.
The order concludes the Corporate Insolvency Resolution Process avoidance application against Topworth Urja & Metals Limited's suspended directors and counterparties.