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NCLT Orders Recovery Of ₹29.35 Crore In Satra Properties Insolvency, Holds Transaction Fraudulent Under IBC

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  1. NCLT Mumbai Bench ordered recovery of ₹29.35 crore from Dev Land & Housing Pvt. Ltd. and former directors of Satra Properties India Ltd.

  2. The tribunal held the forfeiture of the amount was a fraudulent transaction under Section 66 of the Insolvency and Bankruptcy Code.

  3. The order follows NCLAT's categorical finding that the transaction satisfied ingredients of a fraudulent transaction.

  4. The amount must be restored with 18% annual interest for the benefit of creditors.

  5. The transaction involved a ₹29.35 crore advance paid between August 2015 and March 2016 for development rights, which was forfeited after the deal failed.

2d ago · original ↗