9911796707
TMI Blog2022 (1) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... For Appellant: R.K. Gupta, Advocate ORDER Dr. Deepti Mukesh, Member (J) 1. The present application is filed by Sh. Atul Kumar Kansal, Resolution Professional, of SEITZ India Private Limited under Section 43 and 66 of the Code, seeking appropriate directions in the matter that were noticed by the RP and inter alia seeking following prayers: i. Issue Notice to Respondent No. 1 to 4 as per Memo of Parties. ii. That the Hon'ble Tribunal may pass necessary directions as it may deem but under the provision of section 44 and 66 of Insolvency and Bankruptcy Code, 2016. iii. Direct Mr. Sandeep Sood to transfer the money back to the account of corporate debtor which are the subject matter of fraudulent transactions and/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the debits representing payments made to Respondent No. 2 Respondent No. 3:- TABLE NO. 1 Transactions pertaining to Respondent No. 2 (sole proprietorship firm of Mr. Sandeep Sood, ex-director of corporate debtor) S. No. Date Name of beneficiary Amount (Rs.) 1. 05.02.2018 Lotus Imports 13,00,000 2. 20.02.2018 Lotus Imports 7,00,000 3. 15.03.2018 Lotus Imports 10,00,000 4. 21.03.2018 Lotus Imports 5,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... His Wife Are Directors and Shareholder) S. No. Date Name of beneficiary Amount (Rs.) 1. 05.02.2018 Simran Technologies 20,00,000 2. 15.03.2018 Simran Technologies 4,00,000 3. 27.03.2018 Simran Technologies 2,00,000 4. 04.04.2018 Simran Technologies 4,00,000 5. 10.04.2018 Simran Technologies 1,25,000 Tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he authorized signatory to the bank account and no such payment is possible without his knowledge. That on 20.09.2019, RP received an email from Mr. Alexander Seitz stating that since 5.02.2018. Mr. Sandeep Sood is in sole custody and possession of all records, documents and assets of corporate debtor. Further, it was also stated these transactions have been made by Mr. Sandeep Sood without the knowledge and consent and therefore, it is Mr. Sandeep Sood can explain and answer these transactions as he is was the sole signatory to the bank account of corporate debtor. The applicant further submits that Mr. Alexander Seitz vide above mentioned email also informed that these transactions have been assailed and challenged by him in a suit before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ship firm M/s. Lotus Imports (Respondent No. 2) as per details mentioned in table 1 and Rs. 68,000 in bank account of his wife as per details mentioned in table 3, which clearly shows that he was operating the bank account and business of corporate debtor without the knowledge of other director and with an intent to defraud creditors of corporate debtor and can be termed as fraudulent transactions in accordance with the provisions of the Code. Further, Respondent No. 1 has not given any reply till date about the payment being mentioned at table 4, which clearly show his malafide intention can be termed as fraudulent transactions in accordance with Section 66 of the Code. 8. The applicant further submits that vide his email dated 4.10.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... independent expert to assess evidence relating to the value of the transactions mentioned in this section. Admittedly as seen above all the transactions of money transfer done with Respondent 2, 3 4 are in the year 2018 from February upto June 2018. As per section 46 this transaction fall within the parameters decided under section 46 for related parties being section 46(1)(2), as the CIRP order passed on 08.08.2091. In view of the above the application stands allowed. Thus, this Bench directs, Mr. Sandeep Sood, ex-director of corporate debtor to transfer the money back to the account of corporate debtor and deposit the entire money with RP as include above with RP within 2 weeks from the date of this order. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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