Mumbai: The National Company Law Tribunal (NCLT) has dismissed an application filed by Kamal Agarwal, Ammeet Kamal Agarwal, and Akash Kamal Agarwal, the former directors of Supreme Transport Organisation Private Limited, seeking the release and export of an aircraft, Cessna Grand Caravan C208B (VT-UDN), which they claim was sold to Trek Air BV in the Netherlands. The aircraft, currently stationed at Mundra Port, has been tied up in insolvency proceedings against the company.
The applicants sought directions against the Deputy Commissioner of the Special Intelligence and Investigation Branch (SIIB) to allow the export of the aircraft, asserting that it was sold before insolvency proceedings were initiated. However, the tribunal ruled that the sale of the aircraft had not been proven as a legitimate transaction conducted before the start of the Corporate Insolvency Resolution Process (CIRP), deeming it still part of the company’s assets.
The application cited an Aircraft Purchase Agreement dated July 20, 2022, stating that the sale was completed, and only the export process remained, which was stalled by an NCLT order in May 2023. The applicants argued that the aircraft should be allowed to move to its destination.
However, the Interim Resolution Professional (IRP) opposed the claim, alleging the sale as fraudulent and illegal. The IRP contended that only a fraction of the $550,000 agreed sale price had been paid into the company’s account, while $490,000 was transferred to a third-party offshore account, raising suspicions of an attempt to defraud creditors. IRP noted that the full consideration for the aircraft was not received, and the transaction was structured in a way to evade Indian laws and siphon off funds.
The NCLT ruled that after hearing the arguments, held, “Applicants have failed to establish that the sale of the Aircraft was completed any time before the initiation of CIRP and the alleged sale of the Aircraft under the Aircraft Purchase Agreement is a bonafide transaction.”
The tribunal affirmed that the aircraft remains part of the corporate debtor’s assets and should be handled by the Resolution Professional according to insolvency laws.
Mumbai police Economic Offences Wing( EOW), in May, had arrested a director of a Mumbai-based transportation company for allegedly defrauding the owner of a Netherlands airline company of 45 million rupees. Ammeet Agarwal, the director of Supreme Transport Organization Private Limited was arrested in the case, while other directors of the company were also charged in connection with the case.
