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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 ..... th regard to the outstanding amount claimed by the Financial-Creditor. Therefore, the defence that has been raised appears to be hollow, mere bluster and is after thought. In view of it, the defence raised by the Corporate-Debtor stands rejected. The Documentary evidence placed on record by the Financial creditor is sufficient in order to ascertain the default on the part of the Corporate Debtor. Therefore, the Financial-Creditor has fulfilled all the requirements of law including the name proposed for appointment of IRP after obtaining consent in Form-2. Thus, the Application stands admitted. The commencement of the Corporate Insolvency. Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides details of the bank transactions in relation to the loan advanced from time to time. 3. The Corporate-Debtor has filed the reply statement, wherein manifold defence has been raised. It is submitted in the reply that the Financial-Creditor is promoter and former director of the Corporate-Debtor, who was removed from the directorship of the Company, as he has indulged in gross anti company activities and for illegally siphoning of funds, forging and fabricating of documents. It is submitted that the Financial-Creditor is trying to take benefits of his own wrongs and had filed the present petition with ulterior, mala-fide and dishonest intentions. It has specifically been pleaded in the reply that the Corporate-Debtor does no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 06.02.2019. The learned Counsel for the Corporate-Debtor has referred to the ledger account which is placed at page 94 and 95 for the year February, 2018 to 31st March, 2019, which reflects that on 31.03.2019, there is an outstanding amounting to ₹ 17,11,585.60 against the name of the Financial-Creditor i.e. Mr. Hukum Singh. It is further submitted by the learned Counsel for the Corporate-Debtor that when the Financial-Creditor was the director of the Corporate-Debtor, the cash in hand was available with him, as reflected in the balance-sheet. It is further submitted by the learned Counsel for the corporate-debtor that the Financial-Creditor has claimed interest for the year 2018-19, whereas a Resolution has been passed by the Boa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Registrar under the Indian Companies Act, 1913 and the Rules made thereunder, and submitted that the balance-sheets referred by him in support of his claims are evidencing the outstanding towards Corporate-Debtor. Therefore, presumption is drawn in favour of the correctness of those balance-sheets placed on record by the Financial-Creditor, which are not disputed by the Corporate-Debtor. The Counsel for the Financial-Creditor relied upon the Judgment of the Hon'ble Apex Court passed in Kashinath Sanikarappa Wani v. New Akot Cotton Ginning Pressing Co. Ltd. AIR 1958 SC 437, wherein under Para 9 and 12 their Lordships have dealt with the provisions of the The Commercial Documents Evidence Act, 1939' and observed that the ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the Corporate-Debtor in manifold does not rebut the evidence with regard to the outstanding amount claimed by the Financial-Creditor. Therefore, the defence that has been raised appears to be hollow, mere bluster and is after thought. In view of it, the defence raised by the Corporate-Debtor stands rejected. 8. The Documentary evidence placed on record by the Financial creditor is sufficient in order to ascertain the default on the part of the Corporate Debtor. Therefore, the Financial-Creditor has fulfilled all the requirements of law including the name proposed for appointment of IRP after obtaining consent in Form-2. Thus, the Application stands admitted. The commencement of the Corporate Insolvency. Resolution Proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 11. The supply of essential goods or services of the Corporate Debtor/Guarantor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 12. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 8s 18 of the I B Code. The Directors of the Corporate-Debtor, its promoters or any person associated with the Management of the Corporate-Debtor are/is directed to extend all assista ..... X X X X Extracts X X X X X X X X Extracts X X X X
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