Swapan Kumar Saha Vs Ashok Kumar Agarwa (NCLAT Delhi)
NCLAT Delhi upholds order of Adjudicating Authority directing contribution to the assets of corporate debtor since it is clearly established that business of corporate debtor was carried on with intent to defraud creditors of corporate debtor.
Facts- The present appeal has been filed u/s. 61 of the Insolvency and Bankruptcy Code, 2016 by the Appellant challenging the judgment and/or order dated December 10, 2024 passed by the National Company Law Tribunal.
AA vide the Impugned Order had partly allowed an application, filed by the RP / Liquidator of the CD, thereby issuing an application was filed by the erstwhile Resolution Professional (RP) of the CD, before the AA, u/s. 66(2) of the Insolvency and Bankruptcy Code, 2016 (IBC / Code) alleging that the Appellant, in the year 2013-14, had acquired 88,000 equity shares of a related party namely Orient Exports Pvt. Ltd., from the CD at an undervalued rate of ₹ 8.80 lakhs, thereby causing loss of ₹ 871.20 lakhs to the CD. Accordingly, the RP had prayed, to the AA, for a direction to be issued to the Appellant to make contribution of ₹ 871.20 lakhs, along with interest @ 15% from the date of the investment.
