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2022 (5) TMI 316 - AT - Insolvency and BankruptcyTransfer of money back to the Corporate Debtor’s account within two weeks - HELD THAT:- It is noted that the ledger submitted by Mr. Sandeep Sood was maintained by Simran Technologies Pvt. Ltd. (attached at pp.163-164 of the appeal paper book), which do not make it clear as to the purpose for which such transactions were made. Moreover, Mr. Sandeep Sood has not given any proof or evidence to the RP to establish that these payments were made against supply of goods. Similarly his e-mail dated 4.10.2019 (attached at pp.167-168 of the appeal paper book), he has stated that the Genset lying at his home has been purchased by him against value consideration from Seitz India Pvt. Ltd., but there is no mention about the consideration or any proof thereof. Non-submission of reply by Mr. Sandeep Sood - HELD THAT:- It is noted that the proxy Counsel undertook to file reply within two weeks, when the matter in CA No. 574/2019 was taken up on 16.12.2020. But the reply was not filed and the case was listed for ex-parte hearing on 16.2.2021. While it is correct that a copy of the reply was sent to Mr. Alexander Seitz, it is clear from the order-sheet dated 22.7.2021 that the case had already been proceeded ex-parte vide order dated 21.1.2021 and no reply has come on record nor any relief is sought from the court. Thus, it is clear that the Appellant was completely remis in seeking permission of the Adjudicating Authority for taking its reply on record and hence the matter was finally adjudicated ex-parte. The transactions that are the subject of Impugned Order were all done after 5.8.2018 and therefore, in the absence of any reply/clarification/ explanation by Mr. Sandeep Sood to explain the transactions - the Adjudicating Authority has not committed any error in inferring that the said transactions were hit by section 46 of the IBC. Thus, the Adjudicating Authority has correctly directed Mr. Sandeep Sood, ex-Director of the Corporate Debtor to transfer the monies which are stated in paragraph 4 of the Impugned Order back to the Corporate Debtor account - appeal dismissed.
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