Max Square Exposé

Max Square Infra LIVE June 15, 2022 18 www.infralive.com transaction to be illegal which cause loss to the other stake- holders and set aside the order passed by NCLAT, while uphold- ing the order passed by NCLT. The relevant part of the judgement is reproduced below. 25.2. As noticed, in the scheme of such provisions in the Code, the underlying con- cept is to disregard and prac- tically annul such transac- tions which appear, in the course of insolvency resolu- tion or liquidation, to be pref- erential so as to minimise the potential loss to other stake- holders in the affairs of the corporate debtor, particularly its creditors. 27. For what has been dis- cussed hereinabove, we are clearly of the view that the transactions in question are C an a bank transfer assets of a bankrupt borrower to a third party at undervalued rates at the cost of other lenders or financial credi- tors and other claimants after a case of insolvency against such borrower has been admitted by NCLT? The answer is no. In a detailed judgement of February 20, 2020, the apex court held such Max Square Sector 129, Noida project marred by illegalities. Prime commercial plot procured cheap from Axis Bank, lenders of bankrupt Jaypee Group. Axis Bank had acquired the land under questionable circumstance from Jaypee Infratech in March 2017, during the 'look-back' period of Insolvency proceedings