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TMI Blog2018 (5) TMI 1031X X X X Extracts X X X X X X X X Extracts X X X X ..... etc. to support the contention of disbursement of various loans for time value of money. Mere pleading of the applicant in the absence of supporting documentary evidence will not suffice to prove the disbursement and default. As reiterated that the applicant has miserably failed to furnish the details of various disbursements alleged to have been made since 2011 and also has failed to establish that such disbursements were made for time value of money, so as to come within the purview of “financial creditor” in order to maintain the present application preferred under Section 7 of the Code. Petition fails and the same is rejected. - Company Petition (IB) NO. 403(PB)/2017 - - - Dated:- 5-3-2018 - MR. M. M. KUMAR AND MR. S. K. MOHAPATRA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4. It is the case of the applicant that the applicant company had entered into an arrangement of job work with the respondent and it has also extended from time-to-time financial assistance to the respondent company. It is stated that the business transactions between the parties were started in the year 2010-2011 with the purchase of fabric amounting ₹ 12,94,374/- on 01-09-2011 and thereafter applicant had continuously extended the financial support to the corporate debtor from time to time. 5. Applicant has claimed that the account of the respondent company was regular up to 12-08-2016 and the date of default was 13-08-2016. It has been stated in the application that ₹ 1120.98 lacs is outstanding from the respondent co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lent at interest chargeable thereon. 9. It is the case of respondent that the statement of accounts filed by the applicant and the Bank statements show mere sale and purchase transactions in relation to sale of specific goods and do not prove and substantiate the amount of default and the record of default. It is contended that the applicant has not produced any documents to show that the amount given to respondent, if any, has been disbursed against the consideration for time value of money and the amount can be termed as financial debt under section 5(8) of the Code. Therefore, it is contended that the applicant is not a financial creditor within the meaning of Section 5(7) of the Code. 10. We have heard the parties and perused th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest; (b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on nonrecourse basis; (f) any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also no dispute that the applicant has only relied upon two documents i.e. its ledger account pertaining to the respondent company for the period from 01-04-2011 to 31-03-2017 and its bank statement. Except bald statement that it has extended huge financial assistance from time to time, no detail particulars have been furnished as to when, how much amount and for what count the loan was tendered. There has also been no attempt to segregate and point out the details of alleged financial loans given, distinguished from the entries pertaining to job work. In the absence of details of such loans alleged to have been given from time to time, the matter cannot be appreciated in its entirety. For example any loan given during the period from 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that onus to proof lies on the applicant and the same becomes more onerous when the claim is disputed. The applicant being a legal entity is supposed to have relevant documents, balance sheet and resolutions etc. to support the contention of disbursement of various loans for time value of money. Mere pleading of the applicant in the absence of supporting documentary evidence will not suffice to prove the disbursement and default. 18. It is accordingly reiterated that the applicant has miserably failed to furnish the details of various disbursements alleged to have been made since 2011 and also has failed to establish that such disbursements were made for time value of money, so as to come within the purview of financial creditor in or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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