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2025 Supreme(Online)(NCLT) 6063
NATIONAL COMPANY LAW TRIBUNAL
SH. PRABHAT KUMAR, MEMBER (TECHNICAL), SH. SUSHIL MAHADEORAO KOCHEY, MEMBER (JUDICIAL)
NITIN SURESH SATGHARE & ORS – Appellant
Versus
PANCARD CLUB LTD – Respondent
C.P. (IB)/4578(MB)2018
For the Appellants/Petitioners: Adv. Rohan Agarwal
For the Respondents: Adv. Rohit Gupta, Adv. Abdullah Qureshi, Adv. Narpat Singh, Adv. Yash Badkar, Adv. Sikander Kunda, Adv. Sankalp Sharma, Adv. Ameya
The Tribunal affirmed that applications addressing previously resolved issues are dismissible, referencing prior decisions on similar transactions under the Insolvency and Bankruptcy Code.
Headnote:The Tribunal analyzed Section 25(2)(J) and Section 45 of the Insolvency and Bankruptcy Code, 2016, while adjudicating an application regarding undervalued transactions. The Corporate Debtor’s attempt to reverse certain lease transactions was based on allegations of undervaluation and failure to pay dues. The Court found that prior orders had addressed similar issues, thereby concluding that the current application was devoid of merit. The primary issues framed included the determination of whether the transactions were indeed undervalued as per the specified Sections of the Code. The Tribunal reasoned that the resolutions concerning the subject properties had already reached a conclusion in prior proceedings, thus rendering the present application redundant. In view of the determinations made, nothing remains in the application; thus, the application IA 4136 of 2023 is dismissed.
NATIONAL COMPANY LAW TRIBUNAL
COURT ROOM NO. 1,
MUMBAI BENCH
Item No. 34
IA 4136/2023 & IA 4138/2023 IN C.P. (IB)/4578(MB)2018
CORAM:
SH. PRABHAT KUMAR SH. SUSHIL MAHADEORAO KOCHEY HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)
ORDER SHEET OF THE HEARING ON 06.10.2025
NAME OF THE PARTIES: NITIN SURESH SATGHARE & ORS V/s
PANCARD CLUB LTD
Section 7 & 60(5) of the Insolvency and Bankruptcy Code, 2016
ORDER
Adv. Rohan Agarwal for the Applicant in IA 4136 and 4138 of 2023 present. Adv. Rohit Gupta a/w Adv. Abdullah Qureshi, Adv. Narpat Singh for the Respondent No. 2 In IA 4136 of 2023, Adv. Yash Badkar a/w Adv. Sikander Kunda for the Respondent No. 5 In IA 4136 of 2023, Adv. Sankalp Sharma a/w Adv. Ameya for the Respondent No. 6 in IA 4136 of 2023 and Respondent Nos.
1, 2 and 5 in IA 4138 of 2023 are present.
IA 4136/2023
1. This Application IA 4136/2023 was filed by Mr. Rajesh Sureshchandra
Sheth Resolution Professional of the Pancard Clubs Limited (Applicant) Corporate Debtor, under Section 25(2)(J) read with Section 45 read with Section 48 of the Insolvency and Bankruptcy Code, 2016 ("the Code"),
seeking following reliefs:-
a. direct the Respondent No.1 to reverse the benefits of the transaction and pay an amount of INR 8,25,000/- which is the lease rental for one year period prior to the ICD, in terms of the expired Conducting Agreement dated 01.05 .2017, caused due to transaction being undervalued in (accordance with Section 45 of the Code;
b. direct the Respondent No. 2 to reverse the benefits of the transaction and pay an amount of INR 1,51,80,000 plus compensation for delayed payment as per the Conducting Agreement dated 3.07.2017, for non payment of rental dues in terms of the Conducting Agreement dated 3.07.2017 during the lookback period of one year preceding the ICD, to be an undervalued transaction in accordance with Section 45 of the Code; and c. direct the Respondent No.2 to reverse the benefits of the transaction and pay an amount INR 12,65,000/- per month plus compensation for delayed payment as per conducting agreement dated 3.07.2017, for the dues arising during the CIRP period of the Corporate Debtor;
d. direct the Respondent No.3, Respondent No.4 and Respondent No.5 to pay an amount INR 2,40,00,000 plus applicable taxes, commission and compensation for delayed payment as per the Conducting Agreement dated 22.06.2017, as outstanding dues for usage of property for the lookback period of one year preceding the ICD, to be undervalued in terms of the Section 45 of the Code.
e. pass such other or further order / order(s) as may be deemed fit and proper in the facts and circumstances of the instant case.
2. The Corporate Debtor was admitted to CIRP vide order dated 9.9.2022 appointing applicant herein as Interim Resolution Professional (IRP), who was later on appointed as Resolution Professional (RP). During the pendency of present application, a Resolution Plan submitted by one Chemhub Tradelink Private Limited for the Corporate Debtor was approved by this Tribunal vide order dated 25th April 2024. In terms of the Resolution Plan, the new management of the Corporate Debtor retained the right to initiate/continue/defend appropriate legal proceedings for proper implementation of the Plan and/or for availing or enforcing any right available to the Corporate Debtor. Accordingly, this application was prosecuted by the Corporate Debtor.
3. The Corporate Debtor had entered into various agreements prior to CIRP in relation to its properties known as (i) United-21 Kanha with Respondent No. 1 ; (ii) United-21, Mysore with Respondent no. 2; (iii) United-21, Lonavala with Respondent No. 3 to 5 (including intermediaries). The present application has been filed seeking to impugn these transaction as undervalued on the ground that the properties of the Corporate Debtor were given for a paltry consideration, accordingly, constitutes undervalued transactions. The Applicant has sought reversal of rentals provided under these agreements and has dema
