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TMI Blog2020 (9) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... but may extend to ₹ 3 lakh or with both. Respondent No. 3, who has connived and is the beneficiary of the fraudulent transaction and is squarely covered under Section 66(1) of the Code, shall deposit ₹ 2,42,54,121/- within a period of 2 weeks in the Corporate Debtor s account at Oriental Bank of Commerce - Respondents No. 1 and 2 to deposit a sum of ₹ 9,192/- withdrawn unauthorizedly and illegally despite the imposition of Moratorium. The amount be deposited within a period of 2 weeks in the Corporate Debtor s account at Oriental Bank of Commerce - Respondents No. 1 and 2, each to pay a fine of ₹ 1,00,000/- for violating the Moratorium under Section 14 of the Code. The amount be deposited within a period of 2 weeks in the Corporate Debtor s account at Oriental Bank of Commerce. - I.A. 1109 of 2020 In C.P. (IB) 2925/MB/2018 - - - Dated:- 11-9-2020 - Hon ble Smt. Suchitra Kanuparthi , Member ( Judicial ) And Hon ble Shri Chandra Bhan Singh , Member ( Technical ) For the Petitioner : Adv. Sandeep Bajaj, Adv. Aakanksha Nehra, Adv. Anuj Jhaveri i/b PSL Advocates Solicitors For the Respondent : Adv. Ashish Pyasi a/w Adv. Zaid Mansuri and Adv. Di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as under: Sl. No. Date Receipts Amount a. 19.07.2019 Cash Deposit 5,000.00 b. 20.09.2019 Yutika Sales Corporation 36,00,000.00 c. 01.10.2019 Vishwaraj Infrastructure Ltd. 99,81,790.00 d. 03.10.2019 ADCC Infracon Ltd. 20,00,000.00 e. 04.10.2019 ADCC Infracon Ltd. 30,00,000.00 f. 04.10.2019 Yutika Sales Corporation 10,37,891.00 g. 04.10.2019 Shri Krishna ferro Alloys 42,99,800.00 h. 05.10.2019 Shri Krishna ferro Alloys 3,30,000.00 Total 2,42,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count viz. Oriental Bank of Commerce, Malgodown Road, Kingsway, Nagpur 440001, Account No.01341132000324. (ii) Direct the Respondents No. 1 and 2 to deposit the sum of ₹ 9,121/- withdrawn unauthorizedly and illegally in the bank account of the Corporate Debtor s, i.e., Account No. 01341132000324. (iii) Pass directions under Section 66 (Fraudulent trading or wrongful trading), 67 (Proceedings under section 66), 68 (Punishment for concealment of property), 69 (Punishment for transactions defrauding creditors), 70 (Punishment for misconduct in course of corporate insolvency resolution process), 72 (Punishment for willful and material omissions from statements relating to affairs of corporate debtor) and 74 (Punishment for contravention of moratorium or the resolution plan) of the Code) against the Respondents No. 1 and 2 of the Code, as deemed appropriate by this Tribunal in respect of the unauthorized and illegal withdrawals described in Paragraph 15 of the present application; and/ or (iv) Pass such other order as this Tribunal may deem fit and proper under the facts and circumstances of the matter may warrant. Submissions made by Respondent Nos. 1 2: 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had realized that commencement of CIRP was imminent. Therefore, the Respondents No.1 and 2 had connived and plotted in opening of a bank account on 19.07.2019, just before the commencement of the CIRP. The Respondents No. 1 and 2 never divulged the information about this bank account because they had planned for receipt and withdraw of money from this account during the CIRP period. This bench has looked into the days on which monies came into the account and days when it were withdrawn. The said table of transactions is extracted below: 15. It is very evident from the table mentioned above that Respondent No. 3 was coming to know in advance about exact amount and date of money received by the Corporate Debtor which enabled him to present a cheque of almost the same amount on the same date as the receipt of monies into the account and getting the credit of the cheque too on the same day. The Respondent No. 2 in their replies have filed copy of the blank cheques which he claims is handed over to the Respondent No. 3. A specimen of the of those unsigned and undated cheques without the amount is as under: 16. The Respondents No. 1 and 2 in their submissions have menti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent No. 3 in the capacity of Operational Creditor. The Bench has also taken note of the fact that the submissions made by Respondents No. 1 and 2 where they mentions that the Corporate Debtor, Respondent No. 3 and other debtors of Corporate Debtor were known to each other as they are all part of a small business community . In the submissions, Respondents No. 1 and 2 also mentioned that Respondent No. 3 had helped the Corporate Debtor in selling its goods. It is very clear from the above that all the three Respondents, i.e., Respondents No. 1, 2 and 3 have together carried on illegal and fraudulent transaction to deprive the Corporate Debtor Company. The defenses offered by Respondent No. 3 are an afterthought and Respondent No. 3 has actively participated and colluded in fraudulently and knowingly taking out monies from the account of Corporate Debtor Company. 18. All the Respondents, i.e., Respondents No. 1, 2 and 3 were actively involved in the unauthorized withdrawal and transfer of the amounts from the said bank account without the knowledge of the Applicant. In addition, the Respondents No. 1 and 2 have resorted to illegally closing the said bank account without a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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