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2019 (7) TMI 1641 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Interim stay of the meetings of the Committee of Creditors pending disposal of petition - reconstitution of Committee of Creditors - withdrawal of Resolution Plan - legally enforceable debt or not - HELD THAT:- The Corporate Debtor has not been maintaining the accounts properly, for which the Applicant cannot be made liable, as the same pertains to the internal management of the Respondent/Corporate Debtor. Therefore, the absence of any entry in the Books of Account of the Corporate Debtor, about the loan taken from the Applicant, cannot be a valid ground for rejection of the claim of the Applicant, in the face of the bulk of the documentary evidence, i.e., loan confirmation letter, pro- note and Cheque including Cash Book produced by the Applicant, to substantiate his claim. All the directors of the Board had consented to the borrowings of the loan from the Applicant and the loan confirmation letter has been signed by the managing director viz., Senthil kumar, having affixed the seal of the Corporate Debtor that leaves no doubt, that he (the director) has due authority to represent the Corporate Debtor. Therefore, the plea raised by the Corporate Debtor with regard to the Board resolution for obtaining loan from the Applicant is misdirected, the same stands rejected. Legally enforceable debt or not - HELD THAT:- In the case on hand, the Respondent/Corporate Debtor did not deny the signature, thus the presumption under Sec. 139 would operate. The Respondent failed to rebut the presumption by adducing any cogent or credible evidence. In addition to this a.pronote has also been executed by the managing director viz., Senthil kumar on 21-2-2017. Therefore, the Applicant has proved his case by over-whelming evidence to establish his claim based on acknowledgment/confirmation letter and pro-note, both dated 21-2-2017 and Cheque dated 12-6-2017 [along with 'Cash Book'] that are admissible in evidence which were issued by the Corporate Debtor towards the discharge of an existing liability and legally enforceable debt. This authority takes judicial notice that during the pendency of this Application, the Resolution Plan came to be approved by the CoC, which has been filed before this Authority under section 30(6) read with Section 31(1) of the IBC, 2016, to treat the Applicant at par with other unsecured financial creditors and make the appropriate provision for payment to which he is entitled, in consultation with the CoC and the Resolution Applicant, and file the supplementary affidavit to that effect before this authority, or to withdraw the Resolution Plan and constitute the CoC afresh to get the Resolution Plan(s) approved with suitable modifications, as may be required. Application disposed off.
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