Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Order Date: June 17, 2026
Case Overview
This order pertains to several Interlocutory Applications (IAs) filed in the ongoing liquidation process of M/s Khetan Apparel Pvt. Ltd., initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The matter was heard by a bench comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar via video conferencing. The specific applications addressed are IA No. 402/JPR/2021 and IA No. 403/JPR/2021.
IA No. 402/JPR/2021 was filed under Section 43 of the IBC, which deals with 'Preferential transactions and relevant time'. The counsel for the Resolution Professional (RP) presented the application but made a significant concession. He stated that while a forensic audit report had identified a transaction that allegedly led to a loss to the workmen of the corporate debtor, the official list of creditors filed on the IBBI website showed no workmen claims in the present liquidation process. Based on this factual discrepancy, the counsel declared he did not wish to press the application.
IA No. 403/JPR/2021 was filed concerning an undervalued transaction. The counsel for the Liquidator requested an adjournment to gather and inform the Tribunal about the specific franchise with whom the alleged undervalued transaction was carried out.
Final Outcome
The Tribunal disposed of IA No. 402/JPR/2021, recording that it was not pressed by the applicant. IA No. 403/JPR/2021 was adjourned and posted for the next hearing on June 30, 2026, to allow the Liquidator to provide details on the involved franchise. Two other applications, IA No. 385/JPR/2021 and IA No. 401/JPR/2021, were noted as reserved for orders.
Topics: Insolvency Proceedings, Preferential Transaction, NCLT Order