Cook penne according to package instructions, set aside.
Combine mushrooms, onion, garlic, basil, a splash of olive oil, and a sprinkle of salt and pepper in a large skillet. Cook for 5-10 minutes, until mushrooms cook down and release their liquid. Drain off excess liquid.
Add pasta sauce to mushroom mixture and heat for about 2 minutes, or until sauce is bubbly.
Stir together noodles, sauce, half of the cheddar cheese and about half of the parmesan. Put n a 9x13 pan.
Top with remaining parmesan cheese and cheddar cheese.
Bake for 10-15 minutes at 400 degrees or until cheese is melted and beginning to brown.