# In the matter of Marshall Breeders Private Limited

> NCLT judgment dated 2025-10-17. Citation: TCN-2025-NCLT-01603. This case involves an application (IA 623/2025) filed by Orion Resolution & Turnaround Pvt.…

- **Court:** NCLT
- **Order date:** 17 Oct 2025
- **Citation:** TCN-2025-NCLT-01603
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/marshall-breeders-private-limited-1d0f203a

## Summary

### Background

This case involves an application (IA 623/2025) filed by Orion Resolution & Turnaround Pvt. Ltd. (Applicant/RP), the Resolution Professional of Marshall Breeders Private Limited (Corporate Debtor), seeking reliefs under Section 66 of the Insolvency and Bankruptcy Code, 2016, related to alleged fraudulent transactions.

## Facts

IA 623/2025 was filed by Orion Resolution & Turnaround Pvt. Ltd., the Resolution Professional of Marshall Breeders Private Limited, seeking reliefs under Section 66 of the IBC.

The Corporate Debtor was admitted into CIRP vide order dated 15.05.2024 passed in an Application i.e. C.P. (IB) 437/2022 u/s 7 of the Code filed on 30.3.2022 by Omkara Assets Reconstruction Private Limited.

The Applicant replaced the Interim Resolution Professional vide order dated 18.7.2024.

A Forensic Auditor was engaged on 16.8.2024 to audit the records of the Corporate Debtor for the period of 10 years prior to CIRP.

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## Issues and analysis

### Issue 1: Whether the transfer of shares by the Corporate Debtor to Respondent Nos. 3 and 4 are undervalued …

**Ratio:** Section 49 of the Code deals with undervalued transactions deliberately entered into by

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**Reasoning:** The Tribunal notes that the prayer (a) seeks a declaration that the transfer of shares as

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**Interpretation:** The Tribunal interprets Section 49 to empower it to restore the position as it

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**Application:** The Tribunal will examine the transactions in relation to prayer (a) in terms

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Orion Resolution…; Omkara Assets…
- **Respondents:** Marshall Breeders…; Rudolph Anthony…; +7 more
- **Other parties:** Late Elias…
- **Advocates:** Prateek Se…; Abhishek…; +5 more

## Timeline

- **2025-10-17 — Order deliv…**: Order delivered on…
- **2024-05-15 — CIRP Comm…**: The said restraint was further continued vide order dated 15.5.2024 by which CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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