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Avoidance Transactions
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applications for avoidance of transactions, with the AA seeking appropriate
directions. 809 applications seeking avoidance of transactions have been
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Table 5: Details of avoidance applications and disposal
(Amount in ` crore)
Sl. Nature of Applications Filed Applications Disposed
transactions
Number of Amount Number of Amount Amount
transactions involved transactions involved clawed
back
1 Preferential 127 14438.63 27 568.63 30.86
2 Undervalued 16 884.73 1 351.64 0
3 Fraudulent 146 27518.43 15 470.86 3.69
4 Extortionate 3 70.68 - - -
5 Combination 517 186020.07 55 16764.07 29.78*
809 Total 809 228932.54 98 18155.20 64.33*
*In the matter of Jaypee Infra, possession of 758 acres out of total 858 acres of land was given back
to the CD. The 858 acres of land was earlier valued at ` 5,500 crore. Note: Vide order dated February 02, 2021, the Hon’ble NCLT has recalled its order dated
September 28, 2018 which suspended the voluntary liquidation process of M/s Central Inland Water
Resolution of FiSPs Transport Corporation Limited.
CIRP against Dewan Housing Finance Corporation Ltd., was admitted on
December 3, 2019, under the Insolvency and Bankruptcy (Insolvency and
Liquidation Proceedings of Financial Service Providers and Application to
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2019. The AA, vide order dated June 7, 2021, approved the resolution plan
submitted by Piramal Capital and Housing Finance Ltd.
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service providers (FiSPs): -
Table 6: Details of applications admitted for FiSPs
S. No. Name of the FiSP Date of Admission
1 Srei Equipment Finance Limited 08-10-2021
2 Srei Infrastructure Finance Limited 08-10-2021
3 Reliance Capital Limited 06-12-2021
CIRPs in respect of aforementioned FiSPs are underway, as per the
provisions of the Code.
Voluntary Liquidation
A corporate person may initiate voluntary liquidation proceeding if majority
of the directors or designated partners of the corporate person make a
declaration to the effect that (i) the corporate person has no debt or it will
be able to pay its debts in full, from the proceeds of the assets to be sold
under the proposed liquidation, and (ii) the corporate person is not being
liquidated to defraud any person. At the end of September 30, 2022, 1351
corporate persons initiated voluntary liquidation (Figure 16). Final reports in
respect of 814 voluntary liquidations have been submitted and 13 processes
have been withdrawn by September 30, 2022. The status of 524 ongoing
voluntary liquidations is presented in Figure 17.
Of the 1338 corporate persons that initiated voluntary liquidations till It was reported in the last newsletter that dissolution orders were passed
September 30, 2022, the reasons for these initiations are available for 1230 in respect of 365 voluntary liquidations. Dissolution orders in respect of 12
cases, which are presented in Figure 18. Most of these corporate persons more voluntary liquidations, which were issued during the earlier period,
are small entities. 774 of them have paid-up equity capital of less than were reported later, as indicated in Part A of Table 8. During the quarter July
` 1 crore. Only 170 of them have paid-up capital exceeding ` 5 crore. The - September, 2022, dissolutions orders in respect of 31 voluntary liquidations
corporate persons, for which details are available, have an aggregate paid-up were issued taking the total dissolutions to 408. These 408 corporate
capital of ` 8,706 crore (Table 7). persons owed ` 24.70 crore to creditors and through voluntary liquidation
process, they were paid full amount.

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11/15/2022 12:24:49 PM
IBBI newsletter.indd 16
IBBI newsletter.indd 16 11/15/2022 12:24:49 PM