The appeal arises from an order dated 10.12.2024 passed by the National Company Law Tribunal, Kolkata Bench, in IA(I.B.C.)/466(KB)2020 in CP(IB)/980(KB)2018. The Adjudicating Authority (AA) partly allowed IA No. 466/2020, filed by the Resolution Professional (RP) / Liquidator of the Corporate Debtor (CD), concerning fraudulent transactions.
The Appellant, Swapan Kumar Saha, is a Suspended Director of PKS Limited.
The Adjudicating Authority partly allowed IA No. 466/2020, filed by the RP/Liquidator of the CD.
The RP alleged that the Appellant acquired 88,000 equity shares of Orient Exports Pvt. Ltd. from the CD at an undervalued rate.
The CD invested INR 8.80 Crores in the equity shareholding of Orient Exports in 2011-2012.
The Corporate Debtor subscribed to 88000 equity shares at a price of INR 1000 per share.
The Corporate Debtor sells the entire 88000 shares held in Orient Exports to the Appellant herein, at a price of INR 10/- per share.
The account of the CD has long been declared as fraud and a case has been lodged with the CBI which in turn has filed charge sheet.
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Order passed by the 'Adjudicating Authority'…
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The appeal arises from an order dated 10.12.2024 passed by the National Company Law Tribunal, Kolkata Bench, in IA(I.B.C.)/466(KB)2020 in CP(IB)/980(KB)2018. The Adjudicating Authority (AA) partly allowed IA No. 466/2020, filed by the Resolution Professional (RP) / Liquidator of the Corporate Debtor (CD), concerning fraudulent transactions.
The Appellant, Swapan Kumar Saha, is a Suspended Director of PKS Limited.
The Adjudicating Authority partly allowed IA No. 466/2020, filed by the RP/Liquidator of the CD.
The RP alleged that the Appellant acquired 88,000 equity shares of Orient Exports Pvt. Ltd. from the CD at an undervalued rate.
The CD invested INR 8.80 Crores in the equity shareholding of Orient Exports in 2011-2012.
The Corporate Debtor subscribed to 88000 equity shares at a price of INR 1000 per share.
The Corporate Debtor sells the entire 88000 shares held in Orient Exports to the Appellant herein, at a price of INR 10/- per share.
The account of the CD has long been declared as fraud and a case has been lodged with the CBI which in turn has filed charge sheet.
…Order passed by the 'Adjudicating Authority'…
Judgement Date of the…