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TMI Blog2019 (11) TMI 1369X X X X Extracts X X X X X X X X Extracts X X X X ..... for initiating CIR Process, declaration of Moratorium and appointment of IRP. 2. The Counsel for the Financial-Creditor has submitted that an amount of Rs. 1,18,24,984/- is payable by the Corporate-Debtor. In support of the claim, the Financial-Creditor has placed on record, the balance-sheet at Page Nos. 19, 36 and 53. At Page No. 19, the balance-sheet as on 31.03.2016 shows an amount of Rs. 51,85,756.63/- as outstanding plus interest. At page No. 36, the balance-sheet as on 31.03.2017 shows an amount of Rs. 42,45,286.15, as outstanding plus interest. At page No. 53, the balance-sheet as on 31.03.2018 shows an amount of Rs. 50,05,438.16 as outstanding plus interest. Apart from this, the Financial-Creditor has placed on record the account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate-Debtor] on 15th June, 2019. The Counsel for the Corporate-Debtor referred to the latest balance-sheet placed at page no. 138, of which relevant entry is found at page no. 141, wherein against the name of Financial-Creditor i.e., Hukum Singh the balance as on 31.03.2019 is shown as "00". A query was raised by the Bench as to how the loan amount shown in the three balance-sheets has been paid to the financial-creditor. The Counsel for the Corporate-Debtor submitted that the Financial-Creditor and the directors in the Corporate-Debtor are close relatives and there are certain transactions including a transaction pertaining to Rs. 19,00,000/- lakhs under which a car has been purchased by the Financial-Creditor for gifting the same to his da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, in connection with which a criminal complaint is pending with EOW Delhi. 5. The learned Counsel further referred to page 145 of the latest balance-sheet ending on 31.03.2019 wherein under the heading Loans and Advances to Related Parties a sum of Rs. 19,39,431.03 is shown against the name of Financial-Creditor. 6. The Counsel for the Financial-Creditor in reply arguments has referred to the Commercial Document Evidence Act, 1939 wherein under Section 3 (b), a presumption may be drawn in favour of the correctness of documents mentioned in the Part II of the Schedule to the Act 1939, which relate to the certified copy issued by the Registrar of Companies ('ROC'), the balance-sheets, profit and loss accounts and Audit Report of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the Financial-Creditor in reply arguments submitted that the amount of Rs. 19,39,43.30/-shown in the balance-sheet as on 31.03.2019 has no connection whatsoever with the Financial-Creditor. 7. After hearing both the sides and perusal of the pleadings along with record of the case file, it is noted that three balance-sheets referred by the learned Counsel for the Financial-Creditor clearly demonstrate that the amount claimed is outstanding towards the Corporate-Debtor and there is no proof of repayment as claimed by the learned Counsel for the Corporate-Debtor. The documentary evidence produced by the Financial-Creditor is supported by the accounts statement of the Financial-Creditor. The defence that has been advanced by the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 14 of the I&B Code, 2016. It is hereby ordered to prohibit all of the following, namely: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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