9911796707
TMI Blog2021 (12) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... st to issue necessary direction to Mr. Kamal Agarwal, the Respondent No.1 herein to submit the Transaction Audit Report to the Hon'ble Bench along with his observations and Volkswagen Finance Pvt. Ltd., [Respondent No.2- COC] herein for payment of the Transaction Audit Fees of Rs. 4,00,000.00 (Rupees Four lacs only) along with applicable GST for the period ended 31.03.2015 to 26.02.2020. 2. The facts of the case as enumerated in the Application are that the Applicant was appointed as the Transaction Auditor in the matter of the Corporate Debtor by the erstwhile Resolution Professional [Respondent No.3 herein] on 13.07.2020. 3. It is submitted by the Applicant here that:- 3.1 Transaction Auditor appointment email dated 13.07.2020, for Tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure which could have been easily minimised to reduce the potential loss of any. Further the Applicant had requested the Respondent No.1 to provide him any further information or documents, so he could submit the addendum to the Report dated 31.01.2021, but till that date the Respondent No.1 did not furnish any such information or documents. 3.5. The findings in the Transaction Audit Report are basically of "Fraudulent Trading or Wrongful trading (under Section 66 of IBC) which is amounting to the tune of Rs. 1160.49 lacs and"preferential Transaction (under Section 43 of IBC) of Rs. 7.32 lacs besides having numbers of statutory non- compliances and statutory dues. 3.6. The amount of fees of Transaction Auditor is not inversely related to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided by the Suspended Board of Directors which are not much material and or kacha in nature. 3.10 Finally the Applicant had sent an email dated 20.12.2020 to the Suspended Board of Directors to provide him the necessary documents / voucher / receipts / papers / statement in respect of the CD or else the Applicant would submit his report as per the information available, but they failed to do so. 3.11 On the basis of limited documents, vouchers, receipts, papers, statement, information etc. as available, the Applicant had completed the Transaction Audit Report on 31.01.2021 and submitted his report to the Respondent No.1 through email on 08.02.2021 at [email protected] with CC marked to [email protected]. 3.12 The CD w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin 3 days, the resolution professional sent an email on 22.09.2021 calling for the meeting on 25.09.2021 at 5.00 PM at Guwahati. It is however admitted that an inadvertent error happened and the e-mail id of the transaction Auditor was missed despite having addressed the e-mail to him as well. 2. That the meeting was attended to by Mr. Gautam Saha on behalf of the suspended management with limited information and records as detailed in the minutes of the meeting which was circulated to the suspended management as well as the transaction auditor. 1. Pursuant to the direction of the Hon'ble NCLT Guwahati Bench vide its order dated 22.09.2021, a physical meeting was called to allow the suspended board a last and final opportunity to submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and all the bank accounts along with the bank statements of the spouses. Status: - The following documents were provided:- (a) ITR along with computation of Jayati Saha (wife of Gautam Saha) for F/Y 2015-16, 2016-17 and 2017-18. (b) Statement of HDFC BANK account of Jayati Saha (account no.22821050000164). (c) Statement of State Bank of India account no. 30892501972 of Meghna Kalita (wife of Abhijit Dutta) . 7. ITR of last 5 years along with computation of income of Mr. Tapan Saha and details of all his bank accounts along with the bank statements. Status: - Not Provided. 8. Details of working of Rs. 4 crores as alleged by Potential Coaching Institute Private Limited to have been paid against the "right to use" of Trade Mark " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The RP had confirmed receipt of the additional Report and the same was taken on record. The additional report states that many irregular transactions have been undertaken by the CD, a coaching Institute, including hefty payment of Director's fees to the extent of Rs. 66.00 lacs,79.20lacs and 69.98 lacs for the period 2015 -16,2016-17 and 2017-2018 respectively. 7. The Applicant as well as the Ld. RP has stated that the Suspended Management /Directors have not cooperated fully. On the other hand the learned Counsel for the CD / Suspended Management has submitted that the records available with them have been submitted to the RP and no other records are available with them. 8. With regard to the payment of fees to the Applicant here, the R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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