Vaishali Patrikar Vs Dev Land And Housing Private Limited And Others (NCLT Mumbai)
Material Facts
The Resolution Professional of Satra Properties (India) Limited filed an application under Section 66 of the Insolvency and Bankruptcy Code, 2016 seeking directions against various respondents to refund amounts allegedly involved in four transactions, together with interest, and to compensate the Corporate Debtor for losses suffered by its creditors. The principal claims included recovery of ₹29.35 crore, ₹2.65 crore, ₹3.24 crore and ₹1.22 crore relating to separate transactions.
By order dated 02.04.2024, the NCLT partly allowed the application by granting reliefs relating to Transactions Nos. 2 and 4 while rejecting reliefs relating to Transactions Nos. 1 and 3. Financial creditors challenged the rejection of Transactions Nos. 1 and 3 before the NCLAT.
The NCLAT, by order dated 03.07.2025, allowed the appeal, set aside the rejection relating to Transactions Nos. 1 and 3, restored the matter and directed the parties to appear before the NCLT for further action in accordance with law. The NCLAT held that Transaction No. 1 fell squarely under Section 66 of the Code and was to be treated as fraudulent. In relation to Transaction No. 3, it found that no detailed reasoning had been recorded by the NCLT while rejecting the Resolution Professional’s claim.
