NCLT Orders Mithra Yarns Preferential Payment Refund

NCLT Hyderabad allowed an application by Mithra Yarns' Liquidator seeking recovery of ₹1.03 crore from a related party.
The Tribunal found payments of ₹70 lakh from a GST refund and assignment of ₹33.37 lakh in receivables to be preferential transactions under IBC.
The order directs Respondent No. 2, the brother of the erstwhile director, to refund the entire amount within 30 days.
The Tribunal rejected the respondents' preliminary objection on the application being time-barred, citing NCLAT precedent.