ATTENDANCE CUM ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH, HELD ON 05.06.2026 AT 10.30 A.M. THROUGH VIDEO CONFERENCING:

PRESENT: SHRI. JYOTI KUMAR TRIPATHI, HON'BLE MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, HON'BLE MEMBER (TECHNICAL)

IN THE MATTER OF : State Bank of India

Vs

Reliable Cashew Company Pvt Ltd

PETITION NUMBER : C.P. (IB)/48(CHE)2023

UNDER SECTION : Sec 7 Rule 4 of IBC, 2016

APPLICATION NUMBERS:-

ORDER

Present: Ld. Counsel Mr. T. Ravichandran for the Applicant.

Ld. Counsel Mr. Chandramouli for the Respondent.

Vide separate order pronounced in open court, IA(IBC)/1809(CHE)2023 is dismissed.

-SD- -SD

RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI

Member (Technical) Member (Judicial)

IN THE NATIONAL COMPANY LAW TRIBUNAL,

DIVISION BENCH – II, CHENNAI

IA (IBC) 1809/ (CHE)/ 2023

In

CP (IBC) 48/ (CHE)/ 2023

(Under Section 66(1) of the Insolvency and Bankruptcy Code, 2016)

In the matter of Reliable Cashew Company Private Limited

RAVINDRA BELEYUR,

Resolution Professional of

Reliable Cashew Company Private Limited,

Shreevathsa, No. 428, 19th B Cross, Jayanagar 3rd Block,

Bengaluru – 560 011.

… Petitioner

-vs-

1. SHANTHANU MALNAD

Director whose powers have been suspended

4-23, Nagori Kankanady, Mangalore,

Dakshina Kannada – 575 002.

(Presently supposed to b residing at:

Room No.108, Hotel Race View 5,

Race Course Road, Madhava Nagar,

Gandhi Nagar, Bengaluru – 560 001.)

2. SUKETHA

Director whose powers have been suspended

4-23 Saraswathi Nilaya Hindu School Compound, Maroli Temple,

Church Road, Naguri, Mangalore – 575 002.

3. NEETH SHARAN

No.1-17/536, Santhrupthi, 2nd Main, 6th Cross Near Childrens

Park, Land Links Dareball, Mangalore, Konchady,

Dakshin Kannada, Karnataka – 575 008.

4. RAMDAS NAIK

Flat No.1402, Maurishka Palace, Kadri Kambla Road,

Mallikatte, Kadri, Mangaluru, Karnataka – 575 003.

5. ICICI BANK LIMITED

Ground Floor, ICICI Bank Limited, Bharath Building,

PM Rao Road, Hampankatta, Mangalore – 575 001.

…Respondents

Order pronounced on 05.06.2026

CORAM

SHRI. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present:

For Petitioners: T. Ravichandran, Kopperum Devi R, Elavarasi. D,

Devadakshan. K, N. Vignesh, K M Dharaniya sri

and Lavanya K., Advocates

For Respondent No.4: Chandramouli Prabhakar, Rakshana

Chandramouli, Vandhana Prabhu & Aakash

Athimoolam, Advocates

For Respondent No.5: Nithyaesh Natraj, Advocate

ORDER

(Hearing through hybrid mode)

This application has been filed under Sections 66(1) of the Companies Act, 2013, by Ravindra Beleyur, the Petitioner herein alleging certain transactions between the Corporate Debtor and the Respondent constitute “fraudulent transactions” within the meaning of Section 66(1) of the Code. The reliefs sought are as follows:

“6. Relief(s) Sought: -

It is, therefore, prayed that this Hon'ble Tribunal may be pleased to declare that:

(a) the Impugned Transaction is a fraudulent transaction as defined under section 66(1) of the Code;

(b)Respondents have acted fraudulently with an intention to defraud the secured creditors;

(c) Direct the 4th Respondent to hand over the flat which is the subject matter of the Impugned Transaction or in the alternative

(d)Direct Respondents 1 to 3 to pay a sum of Rs 1.70 crores (Rupees One Crore Seventy Lakhs) being the market value of the property together with interest at the relevant prime lending rate and

(e) pass such other orders which are deemed fit and necessary in the nature and circumstances of the case and thus render justice. “

2. SUBMISSIONS OF THE APPLICANT

2.1. The Applicant/ Resolution Professional submitted that pursuant to admission of the Corporate Insolvency Resolution Process against the Corporate Debtor under a section 7 petition, vide order dated 22.06.2023 in CP(IB)/48(CHE)/2