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2023 (7) TMI 1407 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHISeeking direction to IRP to reconstitute the CoC of the Corporate Debtor by including the Appellant as Financial Creditor - genuinity of claims filed by the Appellant - Assignment Deeds were not brought on the record inspite of direction - HELD THAT:- There are sufficient substance in submissions of learned counsel for the Respondent No.2 that Corporate Debtor being aware of the insolvency resolution process mentioned assignment in favour of the Appellant to put the Appellant in the CIRP of the Corporate Debtor in event it is initiated, to take control of the CIRP. As noted above, in the balance sheet of the Appellant no such dues payable by Corporate Debtor has been mentioned on the basis of any of the three assignments, as claimed before the Resolution Professional. In the balance sheet of the Assignor Company also there was no mention of the aforesaid dues against the Corporate Debtor before they were assigned to the Appellant. Non-reflection of amounts in the financial accounts of either of the Assignor or the Assignee creates substantial doubt in the case of the Appellant. Looking to the facts and circumstance and the manner in which the claim has been put up by the Appellant, the opinion of the Adjudicating Authority agreed upon that all three transactions are sham and the matter needs to be examined by appropriate authority to prevent misuse of the forum and defeat the objectives of the Code. The Adjudicating Authority after considering in detail the entire facts and circumstances and material on record has rightly come to the conclusion that none of the claim submitted by the Appellant in Form C could have been admitted in the CIRP of the Corporate Debtor. Claims submitted by the Appellant were all non-genuine claim and have rightly been rejected. The Adjudicating Authority has rightly directed the Resolution Professional to send all related papers received from the Applicant, Financial Creditors, Documents in his possession and details of such transactions to the Ministry of Corporate Affairs for examination/ investigation - there are no merit in the Appeal. Appeal is dismissed.
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