TMI Blog2021 (1) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... er, during arguments, the Corporate Debtor has not raised any of the points raised in this application, as the applicant was silent waiving the Corporate Debtor right to file an appeal, if the Corporate Debtor was really aggrieved by the aforesaid admission of the matter. Without taking recourse of the remedies available to them, now they have come up with this application to release them from the process of CIRP revoking the order of this Tribunal passed on 7/11/2019. The applicant in the guise of an application under Section 60(5) of the IB Code is trying to re-open an admitted matter which cannot be allowed. Since the matter has attained finality and the Resolution Professional has already filed an application for approval of the Resolution Plan, and that the claim put forward by the Operational Creditor through IA(IBC)/33/KOB/2021 has been dismissed by this Tribunal, it is too late to pass any orders in this matter. Application dismissed. - MA(IBC)/04/KOB/2021 IN TIBA/25/KOB/2019 - - - Dated:- 17-1-2021 - Hon ble Mr. Ashok Kumar Borah, Member (Judicial) And Hon ble Mr. Shyam Babu Gautam, Member (Technical) For the Applicant : Dr. S Ravichandran, PCS For the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... USD 10,54,185.21/- 4. The Applicant stated that he came to know from the Agenda of the 1st CoC Meeting dated 13/12/2019, the claims as received from the Operational Creditor was USD1,674,303.61/- (which was ₹ 13,29,94,535/-). Under Point No.13 of the 1st CoC Meeting, it has also been observed by the IRP that there is a huge difference between the claim received and the amount as per the records of the Applicant/Suspended Director. From the minutes of the 7th CoC Meeting conducted on 10th November, 2020 it was observed that the actual claim admitted by the 1st Respondent/Operational Creditor, had dropped majorly from ₹ 13.29 Crores to ₹ 91.05 Lakhs. The Financial Statement produced before this Tribunal shows that in head trade payables as on 31/3/2017 no due amount is shown towards the Operational Creditor. However, as on 31st March, 2018 it appears that an amount of ₹ 2,96,57,794/- is due in the name of Roxcel Handel GmbH. It is also evident from the Trade payables as on 31/3/2019 an amount of ₹ 91,05,994/- is still due to the Operational Creditor. 5. It is clear that records produced and relied upon by the Respondent No.1/O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, the Respondent No.1/Operational Creditor has gone ahead and adjusted the same. 8. It is also stated that the account of the Corporate Debtor for the Financial Year ending 31st March, 2019 has already been audited on 25th July, 2019 even before the admission of CIRP by this Tribunal on 7th November, 2019. A comparison of the Trade Payables under Short-term Liabilities of the Balance Sheet of the Applicant/Suspended Director between the years ending on 31st March 2018 and 31st March 2019 will reflect the reduction in payables from ₹ 2,96,57,794/- to ₹ 91,05,994/- and the same has also been audited to be true by the Chartered Accountants of the Corporate Debtor. 9. It is further stated that the Respondent No.1/Operational Creditor with a mala-fide intention pushed the Corporate Debtor under insolvency by making such bogus and bombastic claims, including inclusion of claims with respect to disputed invoices. It is also reiterated that the Section 9 Application (TIBA/25/KOB/2019) made by the Respondent No.1/Operational Creditor in itself, is vexatious and mala-fide. 10. It is stated that the Application filed by the Applicant/Suspended Director, seeks indulgence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an underlying debt. The Corporate Debtor under the aegis of the Applicant had transferred the amounts to the 1st Respondent for the supply of materials, which is evident from the Invoices raised by the 1st Respondent as well as the e-mail correspondences. This fact was already agitated prior to the admission of the Application. 15. They have further stated that the IRP had provisionally admitted the claim of USD 11,11,460.49 out of the total claim amount of USD 16,74,303.61 made by the 1st Respondent. Whereas the Corporate Debtor has indulged in forgery and had thereby manipulated the accounts of the Corporate Debtor. Even though Applicant has brought these facts to the Resolution Professional, he has not initiated any action against the Applicant. They have referred to the Statement of Accounts of the Corporate Debtor under the aegis of the Applicant and Matheel Al Nujoom Group as on 4th October, 2016., wherein the dues are as under: - a) NUI Pulp and Paper Industries Private Limited USD 40,208 b) Matheel Nujoom USD 337,770 Therefore, the claim of the Applicant that the entire USD 380,000 was sent to the 1st Respondent for clearing the dues of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... records. 19. The present application has been filed by the applicant under Section 60(5) of the IB Code. Section 60(5) of the IB Code is reproduced below: - (5) Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of- (a) any application or proceeding by or against the Corporate Debtor or corporate person; (b) any claim made by or against the Corporate Debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the Corporate Debtor or corporate person under this Code. 20. After a close perusal of all the case records and hearing the parties, it is seen that as per the audited account as on 31st March, 2019 the dues payable to the Respondent No.1 (Operational Creditor) is ₹ 91,05,994/- and this fact was admitted by the applicant stating that the audited accounts have been finalized even before the admission of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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