9911796707
TMI Blog2021 (8) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016, read with Rule 4 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016, for initiating CIRP in the matter of AK Power Industries P. Ltd., Corporate Debtor. 2. The aforesaid Petition was heard and admitted by this Tribunal on 30th September, 2019, appointing Shri Arun Kumar Khandelia, as the Interim Resolution Professional, who was replaced by Shri Pratim Bayal, as the Resolution Professional, as confirmed by this Tribunal vide Order dated 18th November, 2019. 3. The RP issued Form G and advertisements were published for submission of Expression of Interest and in the usual course of business, Forensic Auditor was appointed by the Committee of Creditors to conduct forensic transaction aud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Application as letter "A". 7. It is stated that in the meeting of the Committee of Creditors conducted on 17th June, 2020, the Forensic Auditor informed the members that as on that date no particular conclusion could be made on Sections 43 and 45 of the Insolvency and Bankruptcy Code, 2016, as they awaited further documents to reach a conclusion. The Forensic Auditor further informed the members of the CoC that the Corporate Debtor had raised questions about the veracity of the documents relied on by Dewesh Auto Creative Services Private Limited, one of the Financial Creditors, in support of his claim. In view of the same, the Forensic Auditor put forth his advice to obtain a report on the authenticity of the document from recognized go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his reply: a) The Balance Sheet of the Corporate Debtor does not show any loan or advance amount to indicate the claim of interest alleged to have been paid. b) There was no qualification by the auditor in the Annual Reports of the Company and that the claim seemed like an afterthought which was further manifested by the mention of National Company Law Tribunal in the agreement purportedly signed in 2014. c) An acknowledgement from the Corporate Debtor was obtained to pay a sum of Rs. 1,33,50,279.93, by first week of April, 2019, with interest @ 3% from date of application to the date of repayment failing which the Corporate Debtor would pay interest @ 6% per annum with late payment interest @ 3%. The Financial Creditor had raised a c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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