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TMI Blog2020 (2) TMI 1340X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 13-2-2020 - Dr. Binod Kumar Sinha Member Technical And K. Anantha Padmanabha Swamy Member Judicial For the Petitioner/Financial Creditor: Mr. S.Chidambaram, PCS. Mr. Naresh Kumar Sangam, Counsel For the Respondent/ Corporate Debtor: Mr. Y. Suryanarayana, Mrs. M.S.Mano Ranjani, Counsels Ms. Devangi Kariya, PCS ORDER Dr. Binod Kumar Sinha Member Technical. 1. The present petition is filed by 'Mr. Gondimalla Madhu Mohan (3) Others' (hereinafter referred to as 'Petitioners/ Financial Creditors') under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 1B Code, 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/S. Aayusiddhi Life Science Private Limited (hereinafter referred to as 'Respondent/ Corporate Debtor'). 2. Brief facts of the present case are as under: 2.1 The Corporate Debtor was incorporated on 17.05.2006 for manufacture of pharmaceuticals. The authorized share capital of the Corporate Debtor is ₹ 8,00,00,000/- (Rupees Eight Crores Only) divided into ₹ 80,00,000/- (Eighty Lakhs) Equity sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor, and the Corporate Debtor owes an arnount of ₹ 2,39,58,045/- (Rupees Two Crores Thirty Nine Lakhs Fifty Eight Thousand and Forty Five only) to the financial creditors as detailed below: Sl.No. Name of the Petitioners Amount in Rs. 1 Mr. Gondimalla Madhu Mohan ₹ 2,10,28,045/- 2 Mr. Kolanu Jaya Reddy ₹ 15,80,000/- 3 Mr. K. Subba Reddy ₹ 11,00,000/- 4 Mr. Pabba Amarnath ₹ 2,50,000/- Total ₹ 2,39,58,045/- 2.8 That the said loans advanced by the financial creditors to the Corporate Debtor was admitted by the Corporate Debtor in its financial statements which are duly signed and filed by the Managing Director of the Corporate Debtor and filed with the Registrar of Companies. 2.9 That despite several requests made by the financial creditors to the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etter dated 21.01.2016 of Petitioner No.3 for repayment of loan sent to the Corporate Debtor vide registered post. e) Copy of Letter dated 10.02.2016 of Petitioner No.4 for repayment of loan sent to Corporate Debtor. f) Copy of email dated 08.08.2016 of Petitioner No. 1 for repayment of loan sent to Corporate Debtor. g) Copy of email dated 13.08.2016 of Corporate Debtor to Petitioner No. 1 No.454/ 7/HDB/2018 ofOrder: 13.02.2020. h) Copy of email dated 09.08.2016 of Petitioner No.2 for repayment of loan forwarded to Corporate Debtor. i) Copy of email dated 13.08.2016 of Corporate Debtor forwarded to Petitioner No.2. j) Bank Account statements of the Petitioners. Reiterating the above averments, the counsel for the Financial Creditors prayed to admit the petition. 4. Respondent filed counter/ written submissions inter-alia stating that this petition is not maintainable and prayed to dismiss the same on the following grounds: 4.1 That the Petitioner No. 1 has filed this Application without even giving a straw of evidence in support of the claims and has filed this application with false allegations and wrong and misleading information. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Prohibition) Act, 1988 prohibits any such transaction where the husband is the Benamidar of his wife. Hence, the Petitioner No. 4 cannot be termed as the Financial Creditor. It is also to be noted that even if the claim has been taken into consideration, the amount claimed by petitioner 4 is barred by limitation and the demand is baseless without any enforceable right. Further it is pertinent to note that current management of the Respondent Company is unaware of the reason of the loan taken and utilization of it in the Company. The said purported loan was taken by the Respondent Company in the year 2012 during which the complete business affairs and business transactions were managed and controlled by Petitioner No. 1 and 2. 4.6 That the newly appointed Managing Director along with the other Board of Directors of the Respondent Company with an intention to have assurance of the compliances of the provisions of the law by the Respondent Company decided to conduct Financial and Secretarial due diligence of the Respondent Company. In view of this M/S. BK and Associates, Practicing Company Secretaries who were managing the Secretarial affairs of the Respondent Company had condu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the creditors of the Respondent Company in his personal capacity and that after adjustments of the payables and receivables by him, an amount of ₹ 0,28,045/- was outstanding and was payable by the Respondent Company to him. The Petitioner No. 1 claims that these unsecured loans were not directly remitted into the Respondent Company but payments were made to the creditors of the Respondent Company on its behalf. On review and verification of the bank statements submitted by Petitioner No. 1 in support of the claims, the management of the Respondent Company came to a firm conclusion that the purported creditors to whom such purported payments were made by the Petitioner No. 1 in fact were not relating to the Respondent Company at all and the claim submitted by Petitioner No. 1 is a fraudulent claim. 4.10 That the Petitioners in the instant Petition have enclosed the Statement of unsecured loans provided by the Petitioners to the Respondent Company in form of repaying the debts of the Respondent Company. That the amounts claimed to be made on behalf of the Respondent Company are not related to the Respondent Company. After the detailed scrutiny by the management of the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r upto the limit of ₹ 4 Crores (Rupees Four Crores Only) from time to time for the needs of the company in order to sustain the operations of the company. That the said letter and the resolution was never submitted by the Petitioners before enclosing the same in the Rejoinder. 5. Learned counsel for the Financial Creditors filed Rejoinder/ Written Submissions reiterating the averments made in the application. 6. Learned counsel for the Financial Creditor further filed memo dated 22.08.2019 stating that at page 66 of the Company Petition the Corporate Debtor admitted that as on 31.03.2016, it took unsecured loans from related parties to the extent of The break up particulars was not circulated to the shareholders by the Corporate Debtor. The Petitioner No. 1 while attending the Annual General Body Meeting sought the break up particulars of ₹ 3.86 Crores and the management provided the same in the Annual Body General Meeting. The break up particulars of ₹ 3.86 Crores is detailed below: Unsecured Loans Group Summary S. No. Name of the Party Amount 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent's counsel filed counter and was directed to furnish copy of the counter to the Financial Creditor. For rejoinder if any, the matter was adjourned to 18.12.2018 at request. Thereafter, the matter took several adjournments in relation to hearing submissions in other connected matters. 7.4 Finally during the hearing held on 16.09.2019, heard submissions of both sides and the matter was reserved for orders. 8. Heard both sides, perused the records. 9. It is the case of the Petitioners that they provided finances to the Corporate Debtor on the basis of the request received from the Managing Director of vide letter dated 08.11.2011 for sustaining the operation of the Corporate Debtor, and that Funds to the tune of ₹ 5 Crores were sought for. These funds were having time value of money and interest @ 12% was to be paid by the Corporate Debtor. The funds were made available in various tranches by the petitioners either by way of discharge of liabilities of the Corporate Debtor or lending directly to the Corporate Debtor by way of cheques/bank transfer. The Petitioners have claimed that as on 31.03.2016, a total sum of ₹ 2,39,58,045/- is owed by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He has also filed his written consent in Form - 2. The IRP is also directed to furnish Authorization for Assignment issued by competent institute in the Registry within 3 days of receipt of copy of this order. The IRP is directed to take charge of the Respondent/ Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I B Code, 2016 within three days from the date of receipt of this order and call for submission of claims in the manner as prescribed. 16.This Adjudicating Authority hereby declares the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purposes referred to in Section 14 of the I B Code, 2016. We order to prohibit all of the following, namely: a) The institution of suits or continuation ofpending suits or proceedings against 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; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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