GO Markets Pty Ltd v Gupta

FEDERAL COURT OF AUSTRALIA

GO Markets Pty Ltd v Gupta [2025] FCA 554

File number(s):

VID 1352 of 2024

Judgment of:

O’CALLAGHAN J

Date of judgment:

26 May 2025

Date of publication of reasons:

27 May 2025

Catchwords:

BANKRUPTCY AND INSOLVENCY – applicant seeking leave pursuant to s 58(3)(b) of the Bankruptcy Act 1966 (Cth) to continue proceeding against respondents – allegation that first respondent received secret commissions during employment with applicant – full extent of dishonest conduct and financial loss not yet known – leave granted

Legislation:

Bankruptcy Act 1966 (Cth) ss 58 and 82

Corporations Act 2001 (Cth) ss 182 and 1317H

Federal Court Rules 2011 (Cth) rr 7.32 and 7.33

Cases cited:

Hillig, in the matter of Battaglia [2019] FCA 2191

Re Sharp; Ex parte Tietyens Investments Pty Ltd (in liq) [1998] FCA 1367

Division:

General Division

Registry:

Victoria

National Practice Area:

Commercial and Corporations

Sub-area:

Corporations and Corporate Insolvency

Number of paragraphs:

32

Date of hearing:

26 May 2025

Counsel for the Applicant:

S L Jenkins

Solicitor for the Applicant:

Gadens Lawyers

Counsel for the Respondents:

The respondents did not appear

Solicitor for the Trustees:

Mr C Brown of Bridges Lawyers

ORDERS

VID 1352 of 2024

BETWEEN:

GO MARKETS PTY LTD (ACN 081 864 039)

Applicant

AND:

ASHEISH GUPTA

First Respondent

KANIKA GUPTA

Second Respondent

ORDER MADE BY:	O’CALLAGHAN J
DATE OF ORDER:	26 MAY 2025

THE COURT ORDERS THAT:

1.The applicant be granted leave to continue this proceeding against the first and second respondents pursuant to s 58(3)(b) of the Bankruptcy Act 1966 (Cth).

2.The respondents pay the applicant’s costs of this application.  

Note:   Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011 (Cth).

REASONS FOR JUDGMENT

O’CALLAGHAN J:

INTRODUCTION

1. Mr Asheish Gupta, the first respondent, voluntarily declared bankruptcy in March 2025.  (His wife, Mrs Kanika Gupta, is in this proceeding the second respondent.)

2. On 17 March 2025, Mr Andrew Aravanis and Mr Alexander David Clarke were appointed as joint and several trustees of Mr Gupta’s bankrupt estate. By operation of s 58(3) of the Bankruptcy Act 1966 (Cth) (Bankruptcy Act), no fresh steps can be taken in this proceeding without leave of the court.

3. The applicant, GO Markets Pty Ltd (GO Markets), wishes to take fresh steps in this proceeding, including by seeking leave to:

   (a)compel Mr and Mrs Gupta to comply with the ancillary orders dated 20 December 2024, requiring the respondents to produce bank statements for all bank accounts in their sole and joint names from January 2019 to present;

   (b)compel Mrs Gupta to produce an affidavit setting out all of her assets in Australia and giving their value, location and details, as required by paragraph 8 of the freezing orders dated 20 December 2024; and

   (c)issue subpoenas to third parties, including the respondents’ banks and also IBM Australia Limited (formerly Soft Layer) (IBM), Link11 GmBH (Link11) and DOSArrest Internet Security Ltd (DOSArrest).

4. At…