# In the matter of Rana Sarkar vs. Bimal Agarwal & Ors.

> NCLAT judgment dated 2025-12-11. Citation: TCN-2025-NCLAT-00613. The appeal was filed against an order dated 14.07.2022 by the National Company Law Tribunal,…

- **Court:** NCLAT
- **Order date:** 11 Dec 2025
- **Citation:** TCN-2025-NCLAT-00613
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rana-sarkar-vs-bimal-agarwal-ors-d7255fe9

## Summary

### Background

The appeal was filed against an order dated 14.07.2022 by the National Company Law Tribunal, Kolkata Bench, which allowed an application under Section 66 of the Insolvency and Bankruptcy Code (IBC) and directed the appellant to deposit a sum of Rs. 1,00,700/- and Rs. 10,54,00,000/- jointly with other directors of the corporate debtor with 8% interest.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor (CD) commenced on 20.11.2019.

The appellant, Rana Sarkar, is a Director of the CD and filed the appeal against the order directing him to deposit funds.

The Resolution Professional (RP) appointed Neha B Agarwal and Company as transaction auditor to investigate doubtful transactions.

The RP found massive cash withdrawals aggregating to Rs. 10.54 Crores between financial years 2011-2012 to 2015-2016.

The CD's bank accounts revealed refunds to DAG Creative Media Pvt. Ltd., Gour Gopal Sarkar, and Snigdha Sarkar.

The appellant claimed he resigned from the company on 27.05.2016, but his resignation was not accepted due to his personal guarantee to institutional creditors.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can direct contributions to the assets of the Corporate Debtor …

**Ratio:** Section 66 of the IBC allows the Adjudicating Authority to direct contributions to the

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**Reasoning:** The tribunal relied on Section 66 of the IBC, which allows for directions to contribute

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**Interpretation:** Section 66 provides a mechanism to recover funds diverted through fraudulent

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**Application:** The tribunal applied Section 66 to the facts of the case, finding that the

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## Parties

- **Judges:** Mohd. Faiz Alam…; Naresh Sa…
- **Appellants:** Rana Sa…
- **Respondents:** Dagcon (India)…; Bimal Ag…; +3 more
- **Other parties:** Arabinda…; Liquidator of…; +1 more
- **Advocates:** Gaurav…; Niharika…; +6 more

## Timeline

- **2018 — CP (IB) No. 119…**: The case was re…
- **2019-11-20 — CIRP Commen…**: Corporate Insolvency…

## 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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