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TMI Blog2022 (2) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... e interest at the rate of 18% p.a. calculated from the date of receipt of payments till actually repaid. b. The Applicant/Suspended Director be released from the process of Corporate Insolvency by revoking the Order of this Tribunal dated 7th November, 2019 in TIBA/25/KOB/2019 in IBA/598/2019 by invoking the inherent powers of this Tribunal and thereby preventing further abuse of process of this Tribunal and impose heavy costs on the Respondent No. 1/Operational Creditor with an amount, at least equal to the value of the CIRP Costs. c. To impose penalty for malicious proceedings initiated by the Respondent No. 1/Operational Creditor; 2. The brief facts of the case are as under: This Tribunal by its Order dated 7th November, 2019 admitted TIBA/25/KOB/2019 filed by M/s. Roxcel Trading GmbH, and initiated CIRP of the Corporate Debtor declaring moratorium. 3. The Operational Creditor's claim, as per the Form-3 and Form-4 against the Corporate Debtor, dated 22nd March, 2019 is as follows: 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 USD 1,674,303.61/- (which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor, which is the Bank of Baroda. 7. The Applicant stated that there is no such invoices in the name of the said Company or Matheel. The same line has also been repeated as a reply to receipt of all three SWIFT payments, by the Respondent No. 1/Operational Creditor. In spite of affirming to the fact that there is no relevant invoice existing or any instruction with regard to appropriation, 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 Rs. 2,96,57,794/- to Rs. 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 Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey have also stated that they filed an IA(IBC)/33/KOB/2021, seeking certain reliefs, which is pending consideration. 14. Their further contention is that false pretext adopted by the Applicant is fallacious, mischievous and deserves to be dismissed. The Applicant is attempting to mislead this Tribunal falsely alleging that the payments of USD 894,000 was made to the 1st Respondent without 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D 3,12,613.40 as two third concession was offered by the 1st Respondent against the disputed invoices. He has also stated that the IA(IBC)/33/KOB/2021 filed by the 1st Respondent herein is pending before this Tribunal for orders. 18. We have heard the learned counsel for the applicant as well as the learned counsel for respondents. We have thoroughly perused all the case 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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