9911796707
TMI Blog2019 (8) TMI 1783X X X X Extracts X X X X X X X X Extracts X X X X ..... f the share allotment remuneration and non-informing board meeting and the AGM and suppressing the profit of the Company. The details of the Lawyer's notice have also been recorded by the Adjudicating Authority. The 'Corporate Debtor' has accepted the loan liability and in terms of the provisions of law, has been noticed by the Adjudicating Authority - Respondent No. 1 who applied for refund of money was required to be paid interest @ 12% per annum from the expiry of 60 days thereby from 61st day should be treated as debt in default. The record being complete and the Adjudicating Authority being satisfied, admitted the Application under Section 9 of the IBC - Appeal dismissed. - COMPANY APPEAL (AT)(INSOLVENCY) NO. 209 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that 1st Respondent comes within the meaning of 'Financial Creditor' and the amount disbursed by him was for consideration of 'time value' for money. The Adjudicating Authority in the impugned order has noticed the stand taken by the 1st Respondent. Relevant paragraphs are as follows: 2.1 However, it alleged that the Shares were not allotted. The Petitioner is also one of the Directors in the Company having 500 shares which is 5% of the total Equity. In the Books of the Debtor Company the amount was treated as 'Loan Liability'. 3. Since the shares were not allotted for the impugned amount of ₹ 52 lakhs supra, the Petitioner relied upon the provisions of Section 42(6) of the Companies Act, 2013, reprodu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emuneration and non-informing board meeting and the AGM and suppressing the profit of the Company. The details of the Lawyer's notice have also been recorded by the Adjudicating Authority. 5. From the aforesaid facts, we find that the 'Corporate Debtor' has accepted the loan liability and in terms of the provisions of law, has been noticed by the Adjudicating Authority as quoted above. 6. The Respondent No. 1 who applied for refund of money was required to be paid interest @ 12% per annum from the expiry of 60 days thereby from 61st day should be treated as debt in default. 7. The 1st Respondent has filed an application under Section 7 (in Form No. 1) and shows the claim of outstanding financial debt of ₹ 52,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
