9911796707
TMI Blog2025 (1) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... een initiated does not commend here. When default was committed by the Corporate Debtor, it was always open for the Financial Creditor to initiate proceeding which is remedy provided under I B Code. On looking into the Total Revenue it is Rs.33,447,942/- it is much less than the revenue of earlier year. The Total Expenses it is Rs.65,936,603/- and profit thus is shown in minus, as noted in the above Balance Sheet, which in no manner support the submission of the Appellant that initiation of CIRP was fraudulent. Further it is relevant to notice that in the CIRP the Appellant has filed its claim which claim has already been admitted and shall be dealt with in the proceeding in accordance with law. An application to recall an admission order n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.08.2024 on 27.08.2024 and thereafter steps were taken for filing the appeal and appeal was filed on 26.09.2024. We, thus, find sufficient cause for condonation of delay. Delay condoned. I.A. No.7176 of 2024 is allowed. 2. Heard learned counsel for the Appellant as well as learned counsel for the Respondent. This Appeal has been filed by the Appellant challenging order passed by the Adjudicating Authority dated 13.08.2024 by which application filed by the Appellant being I.A. No.218/JPR/2019 for recall of the admission order has been rejected. The CIRP against the Corporate Debtor commenced by an order passed by the Adjudicating Authority dated 26.04.2019. The application was filed by M/s JFC Finance (India) Ltd., a NBFC, who had extended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was submitted that the Customs Department has already filed its claim in the CIRP of the Corporate Debtor and the same has already been admitted to the tune of Rs. 5,25,93,585/- (Rupees Five Crores Twenty-Five Lakh Ninety-Three Thousand Five Hundred and Eighty-Five Only). Further, the legal position is well settled that the provisions of the IBC shall override the provisions of any other applicable law and accordingly, the claim of the Customs Department shall be dealt in accordance with the provisions of the IBC. The Applicant has actively participated in the proceeding for the admission of its claim. Thus, the instant Application is liable to be dismissed on this ground alone. 6. Further findings have been returned by the Adjudicating A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ows: Ajit Solar Private Limited National Motors Building, M.L. Road, Jaipur, Rajasthan 302001 CIN:U40106RJ2007PTC024478 Profit and Loss Statement for the Year Ended 31st March 2018 Particulars Refer Note No. For the Year Ended 31.03.2018 For the Year Ended 31.03.2017 I. Revenue from Operations Other Income Total Revenue Expenses: Cost of Materials Consumed Purchases of Stock-in-Trade Changes in Inventories of FG, WIP and Stock-in-Trade Employee Benefits Expense Finance Costs Depreciation and Amortization Expense Other Expenses Total Expenses Profit before exceptional and extraordinary items and tax (II- IV) Exceptional items Prior Period Interest Profit before extraordinary items and tax (V-VI) Extraordinary Items Profit before tax (VII-VII ..... X X X X Extracts X X X X X X X X Extracts X X X X
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