# In the matter of Swapan Kumar Saha vs. Ashok Kumar Agarwal

> NCLAT judgment dated 2025-11-06. Citation: TCN-2025-NCLAT-00568. The appeal arises from an order dated 10.12.2024 passed by the National Company Law Tribunal,…

- **Court:** NCLAT
- **Order date:** 6 Nov 2025
- **Citation:** TCN-2025-NCLAT-00568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/swapan-kumar-saha-vs-ashok-kumar-agarwal-1f8018a2

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether Section 66(1) of the Code can be interpreted or invoked or made operational without …

**Ratio:** Section 66(1) of the IBC is a standalone provision capable of being invoked without

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**Reasoning:** The Tribunal referred to several judgments, including Renuka Devi Rangaswamy, Interim

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**Interpretation:** The intentional use of the disjunctive 'or' in Section 67 makes it clear that

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**Application:** The Tribunal held that the Adjudicating Authority correctly applied Section

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Swapan Kuma…
- **Respondents:** P K S Li…; PKS Lim…; +1 more
- **Other parties:** Shashi Ag…; Pinaki S…; +3 more
- **Advocates:** Abhijeet…; Santosh…; +6 more

## Timeline

- **2024-12-10 — Order Da…**: Order passed by the 'Adjudicating Authority' (National Company Law Tribunal, Kolkata…
- **2025-11-06 — Judgement…**: Judgement Date of the Company Appeal…

## 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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