JUDGEMENT

(03 .07.2025)

NARESH SALECHA, MEMBER (TECHNICAL)

1. This appeal Company Appeal (AT) (Ins) No. 1043 of 2024 has been filed by the Appellants i.e. Financial Creditors of the Corporate Debtor, under Section 61 of the Insolvency and Bankruptcy Code, 2016 (“Code”), challenging the Impugned Order dated 02.04.2024 passed by the National Company Law Tribunal, Mumbai Bench-I (“Adjudicating Authority”) in I.A. 1626 of 2023 filed in C.P. (IB) No. 1632/MB/2019, wherein the Adjudicating Authority has disallowed the application of the Resolution Professional under Section 66 of the Code for refund of amount in respect of transactions entered into between the suspended management and Respondent No. 7 & 8 aggregating to Rs. 32,59,00,000/- alongwith interest.

2. Satra Properties (India) Ltd., which is the Corporate Debtor, is the Respondent No. 1 herein.

3. The Suspended Management (Respondents No. 2–6), M/s Dev Land & Housing Pvt. Ltd. (Respondent No. 7) and M/s C. Bhansali Developers Pvt. Ltd. (Respondent No. 8) are the other Respondents herein.

4. The Appellants submitted that the Corporate Insolvency Resolution Process (CIRP) was initiated against Respondent No. 1 (Corporate Debtor) on 0