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2023 (8) TMI 259 - AT - Insolvency and BankruptcyFraudulent transaction - Sale Deed executed by the Corporate Debtor in favour of the Respondent, with regard to the immovable property - evidence existed to establish that the sale deed was Fraudulent Transaction or not - HELD THAT:- Having regard to the facts and circumstances of the case and the Recitals in the Sale Deed dated 11/08/2008, this Tribunal is of the considered view that merely because the Sale Agreement is dated 15/05/1989 and the Sale Deed is executed on 11/08/2008, it cannot be a ground for establishing that the said transaction is a Fraudulent one. Now, we address to the contention of the Learned Counsel for the Appellant that there is no documentary proof to establish that Rs. 50,00,000/- was indeed transferred to the Corporate Debtor by the Respondent. Apart from the fact that the Financials of the Respondent Company record that the said Consideration was paid on its behalf by ‘M/s Shivalika Leasing and Finance Limited’, this ‘Tribunal’ is conscious of the fact that the amount has been paid by Cheque. This Tribunal finds it a fit case to place reliance on the Judgment of the Principal Bench of NCLAT in the matter of JAGDISH KUMAR PARULKAR, LIQUIDATOR FOR KAPIL STEELS LTD. VERSUS M/S INDORE STEEL & ALLOYS PRIVATE LIMITED, SUBHASH KUMAR JAISWAL, MANISH MALVIYA, M/S RUPENDRA JAISWAL KUMAR, MADHYA PRADESH INDUSTRIAL DEVELOPMENT CORPORATION LIMITED [2023 (3) TMI 1388 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI] in which this ‘Tribunal’ had addressed in detail, regarding the role of Liquidator and observed The negligence on the part of the Corporate Debtor not to have executed the lease deed cannot be overlooked and cannot be allowed to become a ruse for fraudulent transaction. Mere possibility of a potential collusion without material on record is not sufficient to persuade, this Bench to record any finding on preferential or fraudulent transaction. It is settled position of law that there is a presumption that a ‘Registered Document’ is validly executed. The burden of proof, thus would be on the person who leads the evidence to rebut the presumption. In the instant case, this ‘Tribunal’ does not find any documentary evidence on record to establish that the said ‘Transaction’ is a ‘Fraudulent’ one. Appeal dismissed.
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