9911796707
Advanced Search 
TMI Blog2022 (11) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Creditor and the affidavit verifying the contents of the application is on pages 24A to 26 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure-7 of the petition. The Corporate Debtor is stated to be incorporated on 13.03.2008. The company has its registered address at 698, Gurdev Nagar Pakhowal Road, Ludhiana PB 141001 IN. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. Brief facts raising to the present Company Petition which are necessary for the disposal of the same are narrated hereunder: 3.1 The Corporate Debtor approached the petitioner for giving a friendly loan of Rs.15,00,000/- for three months at an interest rate of 12% p.a. with interest payable in advance. The petitioner agreed to grant the friendly loan with the understanding that if he does not repay the loan after three months, he may seek renewal for another three months at the option of the petitioner. Accordingly, the amount of Rs.15.00 Lakhs was paid by the petitioner to the corporate debtor on 07.09.2018 through NEFT bearing no. SAA3870811933344011 from the bank account of the petitioner with Union Bank of India on a short-term basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... averments made by the petitioner while admitting the fact that TDS certificate interest has been paid twice, further it is stated that there is no document relied on by the petitioner to say that the interest is quarterly and there is no provision of advance interest to be paid. The corporate debtor has further admitted the fact to an extent that the sum of Rs. 15,00,000/- was transferred through NEFT by the petitioner. 8. The petitioner has filed a rejoinder vide Diary No. 7141 dated 16.12.2019 whereby, rebutting the contention of the corporate debtor i.e. there is no agreement with regard to the said loan amount, the petitioner relied on the reply to legal notice under Section 138 of N.I. Act dated 06.05.2019, served by the petitioner to the respondent-corporate debtor where it has acknowledged that the loan was taken by Swani Motors which is a separate legal entity. Further, it was agreed between both parties that the abovesaid security cheque shall not be presented and the respondent-corporate debtor will return the principal amount as and when it will have sufficient spare funds. 9. We have heard the learned counsels for the petitioner and the respondent-corporate debtor an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2017) 8 SCC 518: 2017(3) RCR (Criminal) 648, a three-judge Bench of this ourt followed the law in Anvar P.V. (supra), clearly stating that where primary evidence in electronic form has been produced, no certificate under Section 65B would be necessary.... xxxxx In the instant matter, the amount in default is admitted and the same is reflected in the reply and written submissions filed by the respondent-corporate debtor, therefore, the aforesaid contention of the respondent-corporate debtor with regard to Section 65B of the Indian Evidence Act is misplaced. 13. The Hon'ble NCLAT in Comp. App (AT) (INS) No.549 of 2020 in the matter of Narender Kumar Agarwal and ors Versus. Monotrone Leasing Private Limited and ors held that "Thus, the contention of Financial Creditor is fully authenticated from the Money Receipt and bank transaction statement. The Appellant contends that the transaction may be treated as the 'Inter-Corporate Deposit', but it can not be treated as the Financial Debt. In case the Inter-Corporate Deposit is made for a certain period, which was to be paid back with interest then such transaction will also fall in the definition of 'Financial Debt'. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of Section 14(3) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any operational sector regulator and to a surety in a contract of guarantee to a corporate debtor. f) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33 as the case may be. 16. The Law Research Associate of this Tribunal has checked the credentials of Mr. Akshay Mehra, and there is nothing adverse against him. In view of the above, we appoint Mr. Akshay Mehra, Registration No.IBBI/IPA-001/IP-P-01457/2018-2019/12242, Email :akschd57@gmail.com , Mobile No.7042021666, the Interim Resolution Professional with the following directions: - i.) The term of appointment of Mr. Akshay Mehra shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the manag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter the initiation of CIRP. For retrieving relevant information, the Interim Resolution Professional may take the help of any digital forensic companies from the empanelled list available with the Registry of this Adjudicating Authority, if required. This is imperative for meeting the Code's objectives for maximizing the value of the assets of the corporate debtor and completing the Resolution Process in a time-bound manner. The Interim Resolution Professional is also directed to make a specific mention of non-compliance, if any, in this regard in his status report filed before this Adjudicating Authority immediately after a month of the initiation of the CIRP and move an application seeking appropriate remedy, if required. vii.) The Interim Resolution Professional shall after collation of all the claims received against the Corporate Debtor and the determination of the operational position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying the constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene the first meeting of the Committee within seven days of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
