Look Back Period Under Section 46 Not Applicable To Section 66 Under Insolvency And Bankruptcy Code, 2016: NCLAT

[27 April 2022] National Company Law Appellate Tribunal (NCLAT) principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava, Ms. Shreesha Merla in the case of Aditya Kumar Tibrewal v. Om Prakash Pandey held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 (IBC/Code) does not apply to transactions under Section 66 of the code. Resolution Professional of M/s Sri Balaji Forest Products Private limited (Balaji Forest) filed the appeal under Section 61 of the Insolvency & Bankruptcy Code, 2016 (IBC/Code) against the order dated 26.02.2021 of NCLT, Kolkata wherein NCLT rejected the application by RP under Section 43, 45 read with Section 49 & 66 of IBC by holding that the transactions complained of by the RP are much prior to the look back period mentioned under Section 46 of the Code.