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TMI Blog2021 (1) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... oner. No right to payment or debt can arise in the absence of a valid agreement. The notice issued to the Respondent by the Petitioner also states that the Agreement was entered into in the month of March 2016, and provides no specific details or evidence of the agreement having been signed or amounts spent on purchase and supply of kitchen plant and machinery etc. for the Respondent. Hence in the absence of any valid agreement, any evidence regarding the expenditure stated to have been incurred out of his own funds, or sums due to him as an investor or as share in profits as claimed in the Petition, and the Respondent's denial of all the averments made by the Petitioner, with no counter by the Petitioner in spite of sufficient oppor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Shri Hari Kumar C.G. of the Petitioner/Operational Creditor as an Investor in the Corporate Debtor's Company. During 2016 the husband of Operational Creditor purchased Hi-tech machineries and plants which were transferred to carry out food supplies to M/s. Robert Bosch Company and for Indira Canteen, Bangalore and he invested a sum of ₹ 3,50,00,000/- during the period 2016 and 2018. The Corporate Debtor also agreed to give 50% of profit out of the business. The Operational Creditor's husband late Shri Hari Kumar C.G. did not receive any profits during the year 2016-17 to 2018-19 and the Corporate Debtor has failed to submit books of accounts, statement of profits and loss for the FY 2016 to 2019. The Corporate Debtor is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the above, Mr. Hari Kumar was not the investor or the partner and he had not invested any money much less stated in Petitioner's notice. Further, it is absolute false statement that the Petitioner's deceased husband had entered into an agreement in the month of March, 2016 with the Corporate Debtor. (2) It is also stated that Mr. Hari Kumar has not purchased High Tech Kitchen Machinery and Plants on his own funds, but the same was purchased by him as representative of the Corporate Debtor's Company with the Corporate Debtor's Company's Funds. Mr. Hari Kumar had no direct connection with Robert Bosch Company and Indira Canteen as he was working with the Corporate Debtor's Company as Manager. (3) It is stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were ordered to be issued to the MD of the Respondent Company. The case was posted for hearing on 06.07.2020, 13.08.2020 and 26.08.2020. Notices to the Respondent remained unserved at the address mentioned in the Petition. No one appeared for either the Petitioner or the Respondent on any of the above dates. It is more than evident that the Petitioner is not keen to prosecute the matter. It has to be further assumed that the Petitioner has nothing in her possession to counter the objections filed by the Corporate Debtor vide reply dated 19.06.2019 to her legal notice dated 21.05.2019, copies of which have been filed. The Petition deserves to be dismissed on grounds of non-prosecution itself. 5. Even on a perusal of the material brought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was never assured about the sharing of the profit at the rate of 50%. He was authorized to sign and operate the Bank Account of the Corporate Debtor's Company and during his tenure he had misused his official position because of which he was removed from his position. In fact a sum of ₹ 1,16,80,000/-is due from him. 7. Hence in the absence of any valid agreement, any evidence regarding the expenditure stated to have been incurred out of his own funds, or sums due to him as an investor or as share in profits as claimed in the Petition, and the Respondent's denial of all the averments made by the Petitioner, with no counter by the Petitioner in spite of sufficient opportunity, we have no option but to dismiss the petition. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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