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2023 (7) TMI 155 - AT - Insolvency and BankruptcyStatus of the appellant - Shareholder or Credit of the Corporate Debtor - Transfer of shares or not - collation of claims - whether the Adjudicating Authority was justified in observing that the Appellant herein is a ‘Shareholder’ of the Corporate Debtor Company? - HELD THAT:- This Tribunal is of the view that the ledger account is to be read with the statements in the balance sheets and the Financial Statements, together with the Auditor’s Report filed with the RoC. It is settled Law that these aforenoted Financial Statements filed with the RoC have greater evidentiary value than that of a ledger statement which is an internal document. As regarding the Submission of the Learned Company Secretary that the RP had adjudicated the Claim, this Tribunal is of the considered view that in the facts of the present case, the RP has rightly rejected the claim of the Appellant based on the documentary evidence on hand. The duty of the RP is to collect and collate the claims and a mere rejection of the Claim by the RP cannot be construed to be an Adjudicatory function, keeping in view Regulation 13 of the CIRP Regulations 2016 - The Loan Agreement dated 27/12/2019 is also on the same date as that of the MoU which is said to have been revoked/cancelled by the Appellant. It is significant to mention that this Loan Agreement is silent about the MoU dated 02/08/2019. There is no evidence on record in terms of Statements of Accounts or Auditor’s Report that the claim amount of Rs. 15,72,18,489/- has been disbursed pursuant to this Loan Agreement. The contention of the Learned Company Secretary appearing for the Appellant that the Register of Members was never produced before the Adjudicating Authority and therefore no steps could have been taken under Section 59 of the Act, is untenable as they themselves are relying on the letter dated 22/02/2020 in support of their argument that they had come to know that their amount was converted into Equity despite not having signed any Share Transfer Deed, then there are no substantial reasons for not having taken any effective steps under Section 59 of the Act. This Tribunal is of the earnest view that there are no substantial grounds to interfere with the order of the ‘Adjudicating Authority’ - Appeal dismissed.
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