Unilateral entry recorded in the books of the Corporate Debtor after filing of a petition under Section 7 of IBC cannot be considered – Mr. Kailash Motilal Kakrania and Anr. Vs. Apurva Oil and Industries Pvt. Ltd. – NCLAT New Delhi
Hon’ble NCLAT observed that there is no entry in the balance sheet, prior to the date of filing of petition under Section 7, regarding the said amount. Even in the books of account of the Corporate Debtor, the amounts are not adjusted against the financial debt, and are shown separately in the balance sheet as on 31.03.2022. The Hon’ble Bench referring Khushbu Dey Chem Pvt. Ltd. V. Chemical Suppliers India Pvt. Ltd. (2024) ibclaw.in 474 NCLAT set aside the impugned judgment of NCLT.