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TMI Blog2023 (7) TMI 959X X X X Extracts X X X X X X X X Extracts X X X X ..... was sought to be initiated. The observation of the Adjudicating Authority that amount of Rs. 4.10 lac was received from Harvansh and not from the Corporate Debtor is not a correct observation. The Bank Statement has been placed on record by the Corporate Debtor which indicate that on 24th August, 2015 by transfer Rs. 4.10 Lac was received by the Financial Creditor and on the same day the said amount of Rs. 4.10 Lac was transferred to one Mr. Harvansh. The two entries are separate entries in the Bank Statement and tallies with the Ledger Account which indicate that Rs. 4.10 Lac was credited in the Account of the Financial Creditor. Thus the basis of the order of the Adjudicating Authority rejecting Section 7 Application is unfounded. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r has also filed Reply before the NCLT in which reply, they admitted that amount of Rs. 4.29 Crores is still pending and debt and default being admitted, the Adjudicating Authority ought to have admitted the Section 7 Application. 4. Company Secretary appearing for the Respondent submits that Company s situation was not financially good hence the payment could not be made however the loan is not denied and the repayments were also made of Rs. 4.10 Lakh and Rs. 2 Lakh in August, 2015. 5. We have considered the submissions of Learned Counsel and Company Secretary for the parties and have perused the record. 6. Section 7 Application was filed by the Financial Creditor with the case that loan was given to the Corporate Debtor for an am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. The Bank Statement has been placed on record by the Corporate Debtor which indicate that on 24th August, 2015 by transfer Rs. 4.10 Lac was received by the Financial Creditor and on the same day the said amount of Rs. 4.10 Lac was transferred to one Mr. Harvansh. The two entries are separate entries in the Bank Statement and tallies with the Ledger Account which indicate that Rs. 4.10 Lac was credited in the Account of the Financial Creditor. Thus the basis of the order of the Adjudicating Authority rejecting Section 7 Application is unfounded. As far as observation of the Adjudicating Authority that the agreement dated 17.12.2021 can not be said to be Loan Agreement the said observation is also not correct since Agreement dated 17.12.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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