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2022 (2) TMI 1304 - Tri - Insolvency and BankruptcySeeking furnishing of details of the transactions on the basis of which such misappropriation, unauthorized and illegal use of the funds advanced by the corporate debtor has made - seeking direction to respondents to make payment along with interest from the date of default payment of the corporate Debtor - HELD THAT:- The amount as reflected in the books is not an advance paid by the corporate debtor, it is the sale consideration paid by the corporate debtor on behalf of the operational creditor which is required to be adjusted from the accounts of Operational creditor and not recoverable from respondent No. 1. The applicant denying the contention of the respondent No. 1 stated that the advance given by corporate debtor to the respondent No. 1 had no connection with the transaction between SRS limited and the Respondent No. 1. As per the share purchase agreement there is not even a single reference of the corporate debtor and no authorization was ever granted by the corporate debtor to the Respondent No. 1 Company to sell the shares of Hotline CPT Ltd. to SRS Limited, against payment made by corporate debtor to Respondent No. 1. Accordingly, there is no relation of the sale with the Corporate Debtor and the outstanding amount appearing in the books of corporate debtor is duly recoverable from all the respondents jointly and severally. The amount outstanding as per the ledger statement is due and recoverable from Respondent No. 1 to Respondent No. 3. All the respondents are hereby directed to pay amounts claimed by the Resolution Professional within 3 weeks from the date of the order. The Respondents shall be jointly and severally liable to make the entire payment as prayed by the applicant Resolution Professional. Application allowed.
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