# In the matter of Satra Properties (India) Limited

> NCLT judgment dated 2024-03-04. Citation: TCN-2024-NCLT-02230. The Interlocutory Application (I.A.) 917/2022 was filed by Anchor Leasing Private Limited under…

- **Court:** NCLT
- **Order date:** 4 Mar 2024
- **Citation:** TCN-2024-NCLT-02230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/satra-properties-india-limited-1a6d36d9

## Summary

### Background

The Interlocutory Application (I.A.) 917/2022 was filed by Anchor Leasing Private Limited under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to declare certain transactions related to the sale of shares by the Corporate Debtor (Satra Properties India Limited) as preferential and fraudulent. The applicant, a financial creditor with a 0.91% voting share in the Committee of Creditors (CoC), challenged the transactions involving the transfer of shares to Respondent No. 4 (Mayank Jaswant Lal Shah) and the subsequent issuance of fresh shares to Respondent Nos. 5 to 7, alleging that these transactions were designed to defraud creditors and were not conducted in the ordinary course of business. The applicant also raised concerns about the Resolution

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## Facts

Anchor Leasing Private Limited, a financial creditor with a 0.91% voting share in the Committee of Creditors (CoC) of Satra Properties (India) Limited (the Corporate Debtor), filed an application challenging certain transactions. The applicant claimed Rs. 121,50,41,839/- against the Corporate Debtor as of August 3, 2020, the insolvency commencement date. Respondent No. 2, a company incorporated under the Companies Act, 1956, was part of the Satra Group, managed by Mr. Praful Satra. On January 3, 2019, Respondent No. 4 transferred Rs. 5,00,00,000/- to the Corporate Debtor, which was immediately paid to Pratiti Trading Private Limited (PTPL), an MJS Group entity, against the outstanding loan of the Corporate Debtor. On August 8, 2019, the Corporate Debtor transferred

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## Issues and analysis

### Issue 1: Whether the transactions involving the transfer of shares and issuance of fresh shares by the …

**Ratio:** Section 43 of the IBC deals with preferential transactions, and Section 49 and 66 deal

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**Reasoning:** The Tribunal found that the transactions took place beyond the look-back period specified

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**Interpretation:** The interpretation of Section 43 requires a determination of whether a

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**Application:** In this case, the Tribunal applied the provisions of Section 43 and found that

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Anchor Leasing…
- **Respondents:** Satra Properties…; Devarajan…

## Timeline

- **2013-08-26 — Share Acquisition by…**: Respondent No. 3 acquired 9670 equity shares of Respondent No. 2 from the Corporate…
- **2019-01-03 — Transfer of Funds by…**: Respondent No. 4 transferred Rs. 5,00,00,000/- to the Corporate Debtor, which was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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