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TMI Blog2020 (10) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... at this is a case where Bank has classified account of the Corporate Debtor as NPA within a period of less than one year after sanction and disbursement of the same and that too in a case of facility of nature of cash credit, which is given for working capital requirements of business entity. Such action by Bank by itself raises serious questions about the credibility and intention of the Corporate Debtor. When the factual position as regards to the financial transaction between the Financial Creditor and Corporate Debtor coupled with the financial facility obtained by the Corporate Debtor by the Bank and declaration of the same as NPA are read together, the only inevitable conclusion which could be reached without any difficulty is that the Financial Creditor has helped the Corporate Debtor to obtain loan from the Bank particularly when no material of whatsoever nature has been brought on record by the Financial Creditor to show that money was indeed given to Corporate Debtor for genuine business purpose and it made sincere efforts to realise its money which was due. Application dismissed - List this issue for hearing on 14.12.2020. - CP (IB) No. 699/7/NCLT/AHM/2019 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrow the money from outside. Apart from these clauses, there is no provision in the Partnership Deed, which provides for granting of loans/advances on interest to other parties. In this background, when we look at the transactions which happened between the Financial Creditor and the Corporate Debtor, we note that such transactions have been either squared up on the same date or in a very short time. A copy of account of the Corporate Debtor in the books of account of the Financial Creditor for the F.Y. 2018-2019 and 2019-20 is reproduced herein below to establish this factual situation. SHREE AMBICA RICE MILL -SALAJADA DHOLKA ROAD, BAVLA Phone:9825323318 GSTIN: 24AAGFS54568NIZL PAN No. AAGFS5468N Ledger Date: 01/04/2018 to 31/03/2019 Date Type Ref No. Particulars Debit Credit Balance Account : KANERI AGRO INSUTRIES LTD -BAVLA (5833) 16/04/2018 REC HDFC BANK CC A/C NO. 09568 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,00,000.00 10,00,000.00 30/03/2019 REC HDFC BANK CC A/C NO. 09568 1,48,241.00 8,51,759.00 31/03/2019 TDS INTEREST RECEIVED A/C. 1,64,712.00 10,16,471.00 31/03/2019 TDS T.D.S. ON INTEREST (RECEIVE) 16,471.00 10,00,000.00 TOTAL 96,64,712.00 86,64,712.00 10,00,000.00 DHOLKA ROAD, BAVLA Phone :9825323318 GSTIN: 24AAGFS54568NIZL PAN No. AAGFS5468N Date Type Ref No. Particulars Debit Credit Balance Account : KANERI AGRO INSUTRIES LTD -BAVLA (5833) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sanctioned. Another reason can be that ₹ 30,00,000/- given in July and August, 2018 have been utilised by the Corporate Debtor to give margin money to avail cash credit. The above conclusions are based upon the nature and sequence of transactions between the parties where no material has been brought on record to show that the Corporate Debtor in fact required this money i.e. amount disbursed in July and August, 2018 for its business purposes and actually utilised the same for that purpose as other transactions have been squared up either on the same date or within a period of less than four days from the date of receipt of money. 5. As per the practice MCA Data of the Corporate Debtor is required to be filed alongwith application filed under Section 7 of the Insolvency Bankruptcy Code, 2016, which was not attached initially, hence, this matter was fixed for clarification for filing of the same. The MCA Data filed by the Financial Creditor showed an open charge in favour of the Bank of Baroda (the Sole Secured Financial Creditor). Such loan has been taken in the year October 2018. It is also noted that the Bank has initiated proceedings against the Corporate Debtor for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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