TMI Blog2021 (7) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments/evidence have been provided by the Applicant. In the circumstances, the Liquidator shall verify the veracity of the claims of the Applicant with respect to the interest amount and take a decision accordingly. It is seen that the Corporate Debtor was maintaining a running account on ledger basis of both the Applicant as well as the ultimate suppliers. The Liquidator while accepted the claim of ₹ 3,61,595/- of the Applicant in respect of M/s. Sohan Lal Sons, there is no reason why a different and a rather inconsistent logic/approach shall be adopted by the Liquidator in terms of the claim of the Applicant in respect of M/s. Shyam Enterprises, in particular when the Corporate Debtor remained under the shadows of BIFR and hence, isolated itself from any claims/recovery. It is seen that the claim of the Applicant excluding interest amount of ₹ 7,86,276/- (M/s. Shyam Enterprises) is admissible - Liquidator is directed to act in accordance with the observations of this Adjudicating Authority. - IA No. 207/JPR/2020 in CP No. (IB)79/7/JPR/2019 - - - Dated:- 16-7-2021 - Ajay Kumar Vatsavayi , Member ( J ) And Raghu Nayyar , Member ( T ) For the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .11.2001 which is not recorded in the books of the Corporate Debtor). Thus, total principal outstanding amounts to ₹ 3,61,595/- as claimed by the Applicant for Sohan Lal Sons. The Liquidator vide email dated 24.06.2020 accepted the claim to the extent of principal amount, i.e. ₹ 3,61,595/- and rejected the claim of interest amount of ₹ 7,86,276/- stating that there is no record/information with respect to charging interest over the goods so supplied by the Applicant to the Corporate Debtor. The Respondent also provided the following reasons in rejecting the claim of the Applicant: a. The Applicant has failed to enclose copy of agreements with the Corporate Debtor for the purpose of claiming the said amount; b. The Applicant has failed to enclose copy of invoices/debit notes or any other document that justifies the claimed amount; c. The claim is time barred under Section 238A of the Code and the Limitation Act, 1963. However, principal amount is admitted as it was reflecting in the books of accounts of the Corporate Debtor, even though it is beyond the period of limitation. 6. Further, the Applicant has annexed a copy of the ledger account of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... attracted in the said circumstances. 9. The Respondent in its reply has stated the following: a. The letter from the ultimate supplier which is at Annexure 10 of the Application is a unilateral communication by M/s. Bansal Coal Traders addressed to the Corporate Debtor, the authenticity of which could not be verified; b. The books of accounts of the Corporate Debtor acknowledges the debt of ₹ 3,61,595/- payable to Sohan Lal Sons, however, as per the same books of accounts, no outstanding amount relates to M/s. Shyam Enterprises; c. The ledger account of the Applicant maintained by the Corporate Debtor which is annexed as Annexure 12 of the Application is not acknowledged nor the same could be found in the books of accounts of the Corporate Debtor; d. With respect to assignment of debt, even if it is assumed that the debt has been assigned, the Applicant has failed to provide any document evidencing proper stamp duty has been paid on such assignment which is mandated under the law; e. The Applicant stated that a suit was filed against the Corporate Debtor before Hon'ble District Court, Bhilwara which means that the alleged debt is yet to be adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that they were supplying coal through the middle man Sohan Lal Sons on the basis of advance cash deposit and bills were raised accordingly. It is stated that M/s. Sohan Lal is the owner of all the supplied goods and authorized for collection of credit balance from the Corporate Debtor. e. The Corporate Debtor had filed petition before BIFR in the year 2002-03 to declare itself as a sick unit which restrained the Applicant from filing any case against. Later, in 2014 the Applicant filed a recovery suit before the Hon'ble District Court, Bhilwara and subsequently, when the Applicant came to know of the CIRP proceedings being initiated against the Corporate Debtor, it filed its claim before the then IRP/RP in September 2019. 12. To prove its claim in respect of M/s. Sohan Lal Sons, the Applicant has annexed invoices drawn by one M/s. Bansal Coal Trader (ultimate supplier) in the name of the Corporate Debtor which carries the name of the Applicant (M/s. Sohan Lal Sons) in the position of middle man. Moreover, the Applicant has also annexed two letters from the ultimate suppliers, as mentioned above which authorizes the Applicant (M/s. Sohan Lal Sons), acting as a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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