# In the matter of Markand Adhikari vs. Mukesh Verma Liquidator for Sab Global Entertainment Media Pvt Ltd. & Ors.

> NCLAT judgment dated 2025-01-23. Citation: TCN-2025-NCLAT-00253. The case involves a Company Appeal (AT) (Insolvency) No. 116 of 2025 before the National…

- **Court:** NCLAT
- **Order date:** 23 Jan 2025
- **Citation:** TCN-2025-NCLAT-00253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/markand-adhikari-vs-mukesh-verma-liquidator-for-sab-global-entertainment-media-p-a6f108f8

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 116 of 2025 before the National Company Law Appellate Tribunal (NCLAT). The appellant, Markand Adhikari, is contesting a direction under Section 66 to contribute, arguing that the transaction was not with them and the ingredients of Section 66 are not fulfilled. Punjab National Bank and Union Bank of India disbursed the amount to the supplier, and the appellant claims no amount was received.

## Facts

Markand Adhikari filed an appeal against Mukesh Verma, the liquidator for Sab Global Entertainment Media Pvt Ltd. & Ors. The appellant contends that Punjab National Bank and Union Bank of India disbursed funds to a supplier, but the appellant did not receive any of these funds. The appellant challenges a directive under Section 66, arguing that they should not be required to contribute because the transaction was not with them and the requirements of Section 66 have not been met. The court acknowledges the need for scrutiny of the submissions.

## Issues and analysis

### Issue 1: Whether the Appellant should be compelled to contribute under Section 66, given their claim that …

**Ratio:** The legal principle revolves around the applicability and fulfillment of the conditions

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**Reasoning:** The court's reasoning is based on the appellant's submission that the transaction was not

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**Interpretation:** Section 66 is interpreted to require a direct connection between the party

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Markand Ad…
- **Respondents:** Sab Global…; Mukesh Verma…

## Timeline

- **2025-01-23 — Appellant's Su…**: Counsel for the Appellant submits that Punjab National Bank and Union Bank of India…
- **N/A — Notice to Res…**: The court issued a notice to the respondents, allowing them three weeks to file a reply.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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