# Swapan Kumar Saha vs. Ashok Kumar Agarwal

> NCLAT judgment dated 2025-11-06. Citation: TCN-2025-NCLAT-00558. 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-00558
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/swapan-kumar-saha-vs-ashok-kumar-agarwal-mz9cxbfl

## Summary

### Background

The appeal arises from an order dated 10.12.2024 passed by the National Company Law Tribunal, Kolkata Bench, partly allowing IA No. 466/2020, which was filed by the RP/Liquidator of the Corporate Debtor (CD). The RP alleged that the Appellant acquired 88,000 equity shares of Orient Exports Pvt. Ltd. from the CD at an undervalued rate, causing a loss to the CD, and sought a direction for the Appellant to make a contribution of ₹871.20 lakhs with interest.

## Facts

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016.

The Appellant challenged the order dated December 10, 2024, passed by the NCLT, Kolkata Bench.

AA partly allowed IA No. 466/2020, filed by the RP/Liquidator of the CD.

In 2013-14, the Appellant acquired 88,000 equity shares of Orient Exports Pvt. Ltd. from the CD.

Orient Exports was acquired by the CD in 2011-12 for ₹8.80 crores.

The shares were acquired at an undervalued rate of ₹8.80 lakhs, causing a loss of ₹871.20 lakhs to the CD.

The RP sought a direction for the Appellant to contribute ₹871.20 lakhs with 15% interest.

The RP's application was primarily based on the balance sheet of the CD.

…

## Issues and analysis

### Issue 1: Violation of Natural …

**Ratio:** Sufficient opportunities to argue

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**Reasoning:** The Appellant had sufficient opportunities to argue the case on merit and did so, as

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**Interpretation:** The principle of natural justice was not violated because the Appellant had the

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**Application:** The NCLAT found that the Appellant had sufficient opportunities to argue the

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Swapan Kuma…
- **Respondents:** P K S Li…; PKS Lim…; +1 more
- **Other parties:** Renuka Devi…; Yash Ta…; +7 more
- **Advocates:** Abhijeet…; Santosh…; +9 more

## Timeline

- **2024-12-10 — Order by NCLT Kolkata…**: Order passed by the National Company Law Tribunal, Kolkata Bench in C.P. (IB) (No.…
- **2024-11-27 — Application reserved for final judgement and…**: On November 27, 2024 the said application was called on for hearing and on account of…

## 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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