9911796707
TMI Blog2021 (6) TMI 484X X X X Extracts X X X X X X X X Extracts X X X X ..... placed on record to indicate that interest was payable. Nor is there any document corroborating the conditions under which the loan was repayable - The Applicant has also not produced the board resolution wherein it would have been resolved that the said loan amount is/was to be disbursed to the account of the Corporate Debtor. The Applicant has produced a copy of relevant pages of bank statement of account bearing: 083150550890026 for the periods 10.04.2019 to 16.04.2019 and 04.07.2019 to 12.07.2019, wherein payments received from the Corporate Debtor are reflected. In absence of the entire bank statement after the alleged loan was disbursed and this Application was filed, there is no way to ascertain whether these are the only payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... einafter, the Financial Creditor), a company incorporated under the Companies Act, 1956 and represented by its Director, Mr. Pravesh Dhandhania, authorised by an undated Board Resolution annexed with the Application at page 35, seeking to initiate Corporate Insolvency Resolution Process (hereinafter, CIRP) against Kohinoor Sarees Pvt. Ltd. (hereinafter, the Corporate Debtor). 2. The Corporate Debtor is a company limited by shares incorporated on 23.03.2006, having CIN: U17299WB2006PTC108666, under the Companies Act, 1956, with the Registrar of Companies, West Bengal, Kolkata. Its registered office is at Village Kalachara PO PS Chanditala, Hoogly, West Bengal-712702. Therefore, this Bench has jurisdiction to deal with this Application. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019 at page 46. d. Copy of demand notice issued to the Corporate Debtor demanding payment of the aforementioned amount at page 47. e. Copy of ledger of Financial Creditor for the financial years 2015-2016 and 2016-2017 and copy of confirmation of account for the financial years 2017-2018 and 2018-2019, are annexed with the Application and marked as Annexure A-09 at pages 32-35. f. Copy of Form 26 AS for the Financial Year 2018-2019 showing deduction of TDS at pages 58 and 59. g. Copy of relevant pages of bank statement where payments from the Corporate Debtor were received at pages 62 and 63. 6. Notice of the Application was served upon the Corporate Debtor. The Corporate Debtor appeared and filed its reply affidav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnexed to the Application that the Corporate Debtor has deposited the tax deducted at source at a regular interval, which establishes its readiness to pay. There has not been any default committed by the Corporate Debtor as there is no provision for the same. From the pleadings contained in the said application itself, it will be clear that the Corporate Debtor is still making payments of the amounts due and payable. 7. Heard the learned Counsel appearing for the Financial Creditor and perused the record. Though some of the documents are on record, material documents have not been filed by the Financial Creditor. 8. There is no loan agreement between the Financial Creditor and the Corporate Debtor. Neither is there any other document ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wever, deduction of tax solely does not establish either the debt or a default thereof. 13. The Application made by the Financial Creditor is not complete in all respects as required by law. From the Application and the documents annexed thereto, it cannot be ascertained whether the Corporate Debtor is in default of a debt due and payable, or that the default is in excess of the minimum amount of one lakh rupees as stipulated under section 4(1) of the Code at the relevant time. 14. Apart from the legal requirements as envisaged under section 7 of the Code, there are several clerical mistakes in the Application, e.g., in the cause title at the first page of the Application, the words Operational Creditor has been mentioned instead of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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