21/02/2019

Change in business model from manufacturer of the Indian made foreign liquor to bottling job-work is in the ordinary course of business and financial affairs of the corporate debtor & hence not covered in preference transactions under section 43 of Code – Mrs Dipti Mehta Resolution Professional, Prag Distillery Private Limited Vs. Shivani Amit Dahanukar – NCLT Mumbai

NCLT held that the change in business model from manufacturer of the Indian made foreign liquor to bottling job-work, and the consequent act of Corporate Debtor in raising invoices in its own name, booking and receiving sales revenue from the sale of brands owned by its holding company, and transfer of surplus under the bottling arrangement are in the ordinary course of business and financial affairs of the corporate debtor and hence not covered in preference transactions under section 43 of I&B
Code.

Change in business model from manufacturer of the Indian made foreign liquor to bottling job-work is in the ordinary course of business and financial affairs of the corporate debtor & hence not covered in preference transactions under section 43 of Code – Mrs Dipti Mehta Resolution Professional, Prag Distillery Private Limited Vs. Shivani Amit Dahanukar – NCLT Mumbai Read Post »

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