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TMI Blog2021 (1) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... e same it was held that the amount payable to Respondent No.1 (Operational Creditor) is more than the threshold limit of one lakh rupees. While admission of the matter, during arguments, the Corporate Debtor has not raised any of the points raised in this application, as the applicant was silent waiving the Corporate Debtor right to file an appeal, if the Corporate Debtor was really aggrieved by the aforesaid admission of the matter. Without taking recourse of the remedies available to them, now they have come up with this application to release them from the process of CIRP revoking the order of this Tribunal passed on 7/11/2019. The applicant in the guise of an application under Section 60(5) of the IB Code is trying to re-open an admitted matter which cannot be allowed. Since the matter has attained finality and the Resolution Professional has already filed an application for approval of the Resolution Plan, and that the claim put forward by the Operational Creditor through IA(IBC)/33/KOB/2021 has been dismissed by this Tribunal, it is too late to pass any orders in this matter. Application dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... received and the amount as per the records of the Applicant/Suspended Director." From the minutes of the 7th CoC Meeting conducted on 10th November, 2020 it was observed that the actual claim admitted by the 1st Respondent/Operational Creditor, had dropped majorly from ₹ 13.29 Crores to ₹ 91.05 Lakhs. The Financial Statement produced before this Tribunal shows that in head 'trade payables' as on 31/3/2017 no due amount is shown towards the Operational Creditor. However, as on 31st March, 2018 it appears that an amount of ₹ 2,96,57,794/- is due in the name of Roxcel Handel GmbH. It is also evident from the 'Trade payables' as on 31/3/2019 an amount of ₹ 91,05,994/- is still due to the Operational Creditor. 5. It is clear that records produced and relied upon by the Respondent No.1/Operational Creditor shows that they have made an exaggerated claim by suitably manipulating their records and making adjustments for self-serving purposes alone. Admittedly, the Respondent No.1/Operational Creditor has stated on affidavit that the invoices referred to in the Swift remittances are not theirs nor are the amounts received by the Operational Creditor through the Swift ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a mala-fide intention pushed the Corporate Debtor under insolvency by making such bogus and bombastic claims, including inclusion of claims with respect to disputed invoices. It is also reiterated that the Section 9 Application (TIBA/25/KOB/2019) made by the Respondent No.1/Operational Creditor in itself, is vexatious and mala-fide. 10. It is stated that the Application filed by the Applicant/Suspended Director, seeks indulgence of this Tribunal to consider and if deemed fit, in the interests of justice and to prevent further abuse of process of this Tribunal, for making necessary orders to direct the Respondent No.1/Operational Creditor to bring the amounts received by them through the Swift remittances with interest thereon for the period from the date of respective remittances and until it is actually brought back to the bank account of the Corporate Debtor and further to adjudge a compensation payable to the Corporate Debtor for the irreparable losses caused by the Respondent No.1/Operational Creditor or allow this Applicant/Suspended Director to initiate legal proceedings to make the claim for the compensation by way of damages and further to lift the Corporate Debtor from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to the Statement of Accounts of the Corporate Debtor under the aegis of the Applicant and Matheel Al Nujoom Group as on 4th October, 2016., wherein the dues are as under: - a) NUI Pulp and Paper Industries Private Limited - USD 40,208 b) Matheel Nujoom - USD 337,770 Therefore, the claim of the Applicant that the entire USD 380,000 was sent to the 1st Respondent for clearing the dues of the Corporate Debtor is false. This further affirms the fact that the Applicant who was in charge of the day-to-day affairs of the Corporate Debtor was fudging the accounts by manipulating the transfer between his Company in India (i.e., the Corporate Debtor NUI Pulp and Paper Industries Private Limited) and his Company in Saudi (Matheel Al Nujoom) and was not maintaining the records in a proper manner for the said transactions and thereby playing fraud on the 1st Respondent. 16. The Resolution Professional filed a counter stating that the 1st Respondent has filed a claim of USD 16,74,303.61 with him and after verification of the records of the Corporate Debtor the Resolution Professional has only accepted the claim of USD 1,41,847 out of the total claim of USD 16,74,303.61 which is the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rson under this Code. 20. After a close perusal of all the case records and hearing the parties, it is seen that as per the audited account as on 31st March, 2019 the dues payable to the Respondent No.1 (Operational Creditor) is ₹ 91,05,994/- and this fact was admitted by the applicant stating that the audited accounts have been finalized even before the admission of the Corporate Debtor under CIRP. This Tribunal also while admitting the aforesaid Application relied on the Audited Accounts and based on the same it was held that the amount payable to Respondent No.1 (Operational Creditor) is more than the threshold limit of one lakh rupees. The amount of ₹ 91,05,994/- was noted at that point of time, and admitted the Corporate Debtor for CIRP. The RP, has not admitted any amount claimed to be apportioned by the 1st Respondent against the dues of a foreign entity i.e., Matheel Al-Nujoom Group of Industries wherein the applicant Mr. Shameel E.P is a Common Director, since the amount has been remitted by the Corporate Debtor against import through proper banking channel in compliance with the RBI Regulations. If any apportionment is made without authorization that, would a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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