TMI Blog2021 (12) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... emanding the unpaid amount. Admittedly, neither any reply to the said notice nor any payment has been received by the Respondent. The Ld. Adjudicating Authority in para 24 of the impugned order rightly taken note of the fact and also the fact that the Forensic Audit Report, the Auditor has admitted this fact that the fund of ₹ 375 lakhs were received from the Indian Delco Private Limited and it is also admitted that out of that amount ₹ 150 lakhs were properly utilized in the Company. There is no illegality committed by the Ld. Adjudicating Authority while passing the impugned order - Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 130 of 2021 - - - Dated:- 1-12-2021 - [Justice Anant Bijay Singh] Member (Jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent herein and the amount of INR 3,59,24,490/- was disbursed by the Respondent to the Appellant company till 28.05.2014. iii) Further case of the Appellant is that out of the total principal amount disbursed to the Appellant company on 17.12.2014, the company made a payment to the Respondent herein towards the principal amount of INR 15,75,510/- and thereafter stopped making further payments towards the principal amount. iv) Further case of the Appellant is that the Appellant company also made some payments amounting to ₹ 61,24,769/- to the Respondent herein towards the interest till 19.01.2016 and thereafter stopped making further payments towards the interest. v) Further case of the Appellant is that since the loan w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... default furnished by the Financial Creditor. 4. It is further submitted that the alleged default of debt on the basis of the alleged Loan Agreement dated 02.08.2013 is not a default in the eyes of law as the same is unauthorized and a disputed document. 5. It is further submitted that the alleged loan agreement dated 02.08.2013 is signed by Mr. Nimish Arora, on behalf of the Corporate Debtor. Mr. Nimish Arora was never authorized in any Board Meeting or in Share-holders meeting to sign the loan agreement and borrow money on behalf of the Corporate Debtor. 6. It is further submitted that the alleged borrowing taken by Mr. Nimish Arora from the Respondent is in excess of the aggregate paid-up share capital and free reserves of the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Respondent to the Corporate Debtor. As per clause 1 of the Loan Agreement, the Corporate debtor was liable to pay interest at the rate of 12% per annum. 12. It is further submitted that out of the total principal amount disbursed, the Corporate Debtor made a repayment towards the principal amount of INR 15,75,510/- on 17.12.2014. An amount of ₹ 61,24,769/- was paid towards interest on 17.12.2014 and 19.01.2016 thereafter, the Corporate Debtor stopped making further payments. 13. It is further submitted that on 01.04.2019, the Corporate Debtor issued confirmation of outstanding balance/balance to the Respondent, confirming that an amount of ₹ 5,42,67,796/- is outstanding on the date (at page 137 of the Appeal Pape ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s further submitted that in the year 2019 itself, the Corporate Debtor sent a confirmation of accounts dated 01.04.2019 (at page 137 of the Appeal Paper Book) acknowledging the amount of loan due to the Respondent which was duly acknowledged by the Respondent. 18. it is further submitted that in response to the forensic report which is being heavily as relied upon by the Appellant, the Respondent respectfully submitted that from the plain reading of internal page 4 of the forensic report (at page 209 Vol.-II of the Appeal Paper Book) it can be clearly seen that the said forensic audit has been conducted on the request of the Appellant and not the Corporate Debtor. 19. It is further submitted that the some of the relevant portions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24,769/- was paid towards interest on 17.12.2014 and 19.01.2016 thereafter, the Corporate Debtor stopped making further payments. It is also admitted fact that on 01.04.2019 (at page 137 of the Appeal Paper Book), the Corporate Debtor issued confirmation of outstanding balance/balance to the Respondent, confirming that an amount of ₹ 5,42,67,796/- is outstanding on the date. It is also admitted fact that the Respondent through its advocate issued a legal notice to the Corporate Debtor on 25.10.2019 (at page 138 to 142 of the Appeal Paper Book) demanding the unpaid amount. Admittedly, neither any reply to the said notice nor any payment has been received by the Respondent. It is also admitted fact that the Appellant has duly a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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