In this case, the Erstwhile management of the Corporate Debtor had issued a cheque dated 08.01.2022. CIRP was admitted against the Corporate Debtor on 12.01.2022. The Cheque dated 08.01.2022 was presented for encashment on 17.02.2022 and was encashed on 18.02.2022 and was appropriated against the outstanding dues towards loans provided.
RP application that transaction may be considered as a preferential transaction as the subject encashment is in complete violation of Section 14 of IBC seeking refund thereof along with the interest in the CIRP account.
NCLT Kolkata Bench, referring the decision of in the case of K. Saraswathy v. P.S.S. Soma Sundaram Chettiar held that the payments of the cheque released subsequently relates back to the receipt of the cheque which in the instant case appears 08.01.2022 and since the moratorium was declared on 12.01.2022, this transaction in view of the ratio of the Ogale glass works(supra) does not violate the moratorium.