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TMI Blog2022 (12) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... seen that the Applicant himself has left it to the discretion of this Tribunal to fix the rate of interest, which itself shows that there is no rate of interest agreed between the parties. Further, the Applicant has also not attached the Form 26AS in order to prove that they have deducted TDS. It could be seen that the Applicant has placed on record a letter from its banker viz. Bank of Baroda which states that a sum of Rs. 26,00,000/- has been transferred by way of RTGS to the Corporate Debtor. Thus, the amount has been disbursed to the Corporate Debtor, however the Applicant has miserably failed to establish that the said debt would qualify as financial debt. It could be seen that there is no dispute between the parties that the amount was received through banking channel. In the said circumstances, we hereby direct the Respondent to admit the claim of the Applicant to the tune of Rs. 26,00,000/- without interest, under the category of other creditors - application disposed off. - IA(IBC)/640/CHE/2021 in IBA/471/2020 - - - Dated:- 8-7-2022 - S. Ramathilagam , J. (Member (J)) And Sameer Kakar , Member (T) For the Appellant : E. Om Prakash , Senior Advocate and Haris C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as submitted that on 16.10.2019, it was informed to the applicant company that part amount had been paid to the Operational Creditor Kapil Agencies and it was informed to the operational creditor to take further time on account of filing settlement terms before this Tribunal. Accordingly, on 16.10.2019, this Tribunal was pleased to call the matter and again on 23.10.2019 for reporting settlement. 7. It was submitted that Mr. Dhanraj was insisting the Applicant to transfer balance funds, however it was submitted that the applicant has withheld and has stated that a Settlement is required to be arrived at between the parties and the matter is also required to be disposed of. Accordingly, on 23.10.2019 a memorandum was filed for withdrawal of the case from the file of this Tribunal - and accordingly an order was passed with liberty to file fresh in the event the Corporate Debtor failed to pay in accordance with the settlement arrived between parties. 8. It was submitted that believing the words of Mr. B. Dhanraj the Proceedings was closed before this Tribunal and an amount of Rs. 2,17,50,000/- was loaned to the Corporate Debtor Company vide the company's sister concern and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s do not have ledger Account in the name of the applicant, Tulip Trade Link. 15. It was submitted by the learned counsel for the Respondent that the claim submitted in Form C is not supported by proper documentary evidence required to accept the claim. The applicant failed to submit the documentary evidences as required under Regulations 8(2)(a) and 8(2)(b). He has not furnished any financial contract or loan agreement as evidence. Therefore, the claim filed by the applicant was not admitted. Further it is to be observed that no payment was received by the Corporate Debtor from the applicant. Therefore, the claim submitted by the applicant is a false claim. The last limb of argument of the Respondent is that the Applicant has no 'locus standi' as there is no contract of loan or loan agreement between the applicant and the Corporate Debtor. REJOINDER FILED BY THE APPLICANT: 16. The learned Counsel for the Respondent had filed a rejoinder to the Counter filed by the Respondent. The Respondent had countered the Application primarily of two grounds amongst other vexatious denials. One being that the Unregistered partnership firm cannot file a suit in a court of Law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sfactory evidence furnished to establish the intention to pay it as a financial debt . 21. It could be seen that the Applicant has not placed on record any financial contract in order to substantiate the claim filed before the RP. Further, from the submissions made it could be seen that there is no contract/agreement entered into between the parties for the disbursement of the said loan to the Corporate Debtor. 22. As per the definition of the expression financial debt' in sub-section 8 of Section 5 of IBC, 2016 which is as follows:- (8) financial debt means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest; (b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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