TMI Blog2020 (10) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... e dates are before the actual date of default - As per Demand Notices dated 06.05.2019 and 13.05.2019, the balance amount of ₹ 12.39 crore is to be repayable within 24 hours of receipt of the notice. We are of the view that recalling such a huge amount within 24 hours is not a normal business practice. The Financial Creditor has failed to establish that there was a debt due and payable and that a default has occurred. Further, the Financial Creditor has failed to produce proper authorisation to initiate CIRP against the Corporate Debtor. The petition also has inconsistencies and inaccurate information and documents such as the Demand Notices being issued before the date of default, the disbursement details include payment made to other companies whose relationship with the Corporate Debtor has not been established, no corresponding Bank Entry or evidence of making payment to Corporate Debtor etc. The petition fails and CIRP cannot initiated against the Corporate Debtor as prayed for. - CP (IB) 2161/MB/C-IV/2019 - - - Dated:- 6-5-2020 - Rajasekhar V.K., Member (J) and Ravikumar Duraisamy, Member (T) For the Appellant : Gaurav Joshi, Senior Advocate, Feroze Patel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Petitioner-Financial Creditor from time to time (Point No. 4 of Sl No. 1 of Part IV at page 13 of the Petition); (d) The Corporate Debtor has acknowledged the existence of the financial debt, as borne out by the Confirmation of Accounts executed by the Corporate Debtor on 01.04.2016, 01.04.2017 and 01.02.2018. In terms of the Confirmation of Accounts executed on 01.02.2018, the Corporate Debtor owes a sum of ₹ 10,25,65,265/- (Rupees ten crore twenty-five lakh sixty-five thousand two hundred and sixty-five only) as on 31.01.2018. (Point No. 5 of Sl No. 1 of Part IV at page 13 of the Petition); (e) Since the loan is repayable on demand, the Petitioner-Financial Creditor issued a Demand Notice dated 13.05.2019 to the Corporate Debtor, calling upon the Corporate Debtor to make full payment of the outstanding loan amount of ₹ 12,39,06,879/- (Rupees twelve crore thirty-nine lakh six thousand eight hundred and seventy-nine only) within twenty-four hours of receipt of the Notice [Demand Notice at Exhibit 'I' at pp. 78-79 of the Petition]. (f) This Demand Notice carries the heading Corrected Demand Notice (p.78). The earlier Demand Notice dated 06. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g over the Corporate Debtor on 19.07.2018 (para 6 at page 7 of the Reply); (d) There are illegal and cross financial transactions between Satra Group and the Petitioner-Financial Creditor between January 2015 and April 2015 to the tune of ₹ 7.00 crore (para 8 9 at page 8 of the Reply); and the same is written off in the books of the Corporate Debtor as on 31.12.2017. This siphoned off money of ₹ 7.00 crore between January 2015 and April 2015 is proposed to be recovered through this petition in a collusive manner; (e) The present petition has been filed without authority. The Board Resolution dated 14.05.2019 marked as Exhibit 'A' and Exhibit 'B' at pp. 23-24 of the Petition do not authorise the filing of the present petition. Mr. Easwaran Viswanathan Iyer, the Director of the Petitioner-Financial Creditor who has been authorised to file the present Petition, joined the petitioner-Financial Creditor only on 14.05.2019 and therefore he has no knowledge of the transactions entered into previously. Further, the affidavit verifying petition is not sworn to in the manner prescribed in Form NCLT-6 (para 10 at page 10-11 of the Reply); (f) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf of the Company, from time to time, to affirm, declare and sign all pleadings, applications, petitions, mutual understandings, consent terms, statements, memoranda of appeal, affidavits, appeal, reference, review or revision applications, documents, acknowledgements and papers for the purpose of complying with and/or cause to be complied with all statutory requirements and to inform, appear and represent the Company before any Government, Hon'ble High Court, Small Causes Courts and other courts of law, civil, criminal, industrial or labour, revenue or before all conciliators, other public officers, authorities, bodies or tribunals in connection with all suits, actions, petitions, appeals and other legal or other proceedings and matters whether civil, criminal, revenue, industrial or labour in which the Company may be concerned or interested whether as plaintiffs, defendants, petitioners, appellants, respondents, opponents, prosecutors, opposing creditors or in any other capacity whatsoever or otherwise howsoever and in all matters in any ways concerning the business affairs relating to property of the Company. * * * 10. On careful examination of the aforesaid Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Paid to 1. 24,65,321.00 07.11.2015 No entry 2. 12,50,000.00 15.02.2016 No entry 3. 34,00,000.00 26.09.2016 No entry 4. 30,00,000.00 29.09.2016 No entry 5. 18,00,000.00 02.02.2017 No entry 16. Further, payments made to other companies and not to the Corporate Debtor have been included in the Company Petition, as extracted in the table below: Sl No Amount (` ) Date of Disbursement Paid to 1. 35,00,000.00 05.03.2016 SPDPL 2. 35,00,000.00 31.03.2016 SPDPL 3. 22,00,000.00 08.06.2016 Rus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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