# In the matter of Kishore K. Avarsekar and Anr. vs. Alok Saksena

> NCLAT judgment dated 2025-12-11. Citation: TCN-2025-NCLAT-00619. The appeal was filed by Mr. Kishore K. Avarsekar and Mr. Abhijeet K. Avarsekar, promoters and…

- **Court:** NCLAT
- **Order date:** 11 Dec 2025
- **Citation:** TCN-2025-NCLAT-00619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kishore-k-avarsekar-and-anr-vs-alok-saksena-be15b330

## Summary

### Background

The appeal was filed by Mr. Kishore K. Avarsekar and Mr. Abhijeet K. Avarsekar, promoters and suspended directors of Unity Infraprojects Limited, against an order directing them to contribute Rs. 231.64 Crores plus interest to the Corporate Debtor's assets.

## Facts

Mr. Kishore K. Avarsekar and Mr. Abhijeet K. Avarsekar, promoters and suspended directors of Unity Infraprojects Limited, filed an appeal against the Impugned Order.

The Impugned Order directed the Appellants to contribute Rs. 231.64 Crores plus 12% interest per annum to the assets of the Corporate Debtor.

The Appellants argued that the Impugned Order was based on a flawed Forensic Audit Report and did not meet the requirements of Section 66 of the IBC.

The Respondent, Alok Saksena, Liquidator of Unity Infraprojects Limited, argued that the transactions with Magnum Infra Projects Ltd. were fraudulent and involved round-tripping.

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## Issues and analysis

### Issue 1: Whether the Impugned Order directing the Appellants to contribute to the Corporate Debtor's assets …

**Ratio:** Section 66(1) of the Code addresses fraudulent trading, holding persons liable if the

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**Reasoning:** The Appellants, as Managing Directors, carried out transactions fraudulently, as apparent

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**Interpretation:** Section 66 does not require direct personal benefits to the promoters or

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**Application:** The Appellants failed to protect the interest of the stakeholders, and the

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## Parties

- **Judges:** Mohammad Faiz…; Naresh Sa…
- **Appellants:** Kishore K.…; Abhijeet K.…
- **Respondents:** Unity Infraproject…; Alok Sa…
- **Other parties:** Rakesh…; Arun Ka…
- **Advocates:** Anant Mer…; Anuj Ti…; +9 more

## Timeline

- **2024-04-19 — Impugned…**: Order passed by the National Company Law Tribunal, Mumbai Bench-I in M.A. 423 of 2020 in…
- **2017-06 — CIRP Commen…**: CIRP commenced in June 2017 via…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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