TMI Blog2022 (2) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the information utility even without filing any documents by the party. When once the Adjudicating Authority is satisfied with these two legal requirements and if the application is complete in accordance with the code, the Adjudicating Authority has no option except to admit the Company Petition without going into any other trivial technical issues raised by the Corporate Debtor as held by Hon'ble Supreme Court in various rulings. The above plea of Stamp Duty is not available to the Corporate Debtor in the present case when once the debt and default are proved without looking into the above documents and accordingly the first issue is answered in negative. It is also pertinent to mention here that as per the terms and condi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicial Member, Smt. Suchitra Kanuparthi, Member (Judicial) and V. Nallasenapathy, Member (Technical) on the following issue. The question of law as framed for reference to a third Member by the Technical Member at para 43 of the order is as follows: 43. The question of law framed is as below-whether the Debenture Trust Deed dated 1st March, 2014 and Redeemable Non-convertible Debenture Subscription Agreement dated 1st March, 2014, shall be impounded and be sent for payment of requisite stamp duty in accordance with the Maharashtra Stamp Act. 2. Before going into the point of reference, it is important to briefly mention the facts that led to referring the above matter to a third Member. The main Company Petition bearing No. 163 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n by the Financial Creditors till the deficit stamp duty payable on the above two instruments is paid in accordance with the provisions of the Maharashtra Stamp Act. 3. Both the members after simultaneously hearing the arguments in the above Misc. Application and the Company Petition, ordered initiation of CIRP against the Corporate Debtor vide order dated 03.08.2020 by concurring with each other and by observing that the 'debt' and 'default' stands proved even without relying on the Debenture Trust Deed and NCD Subscription Agreement. However, they have deferred on the issue of impounding and payment of deficit stamp duty on the above referred two documents. 4. The Learned Judicial Member, Smt. Suchitra Kanuparthi aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore whom? 7. Similar issue fell for consideration before the Division Bench of the Hon'ble Bombay High Court headed by Hon'ble Chief Justice, Manjula Chellur, and Hon'ble Justice M.S. Sonak, J. in Appeal (L) No. 911 of 2015 in Company Petition No. 317 of 2012 while dealing with a winding up petition. The following are the observations of the said Division Bench in para 8 of the judgement with regard to the plea of deficit stamp duty payable on the documents raised by the appellant. Para-8:- In the State of Gujrat where the document of corporate guarantee was executed, it was based an adequate stamp duty payable on the instrument so far as that State. According to the appellant, when this document comes to the State of Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the following cases: NCLT (Mumbai benches) in (i) Bennet Property Holdings Company Limited Vs. Brick Eagle Affordable Housing Advisory LLP; (ii) Edelweiss Asset Reconstruction Co. Ltd. Vs. Sejal Glass Ltd. (iii) Bank of India Vs. Gupta Infrastructure India Pvt. Ltd. (iv) Allahabad Bank Vs. Gujrat Foils Ltd. (Ahmedabad Bench); (v) Mr. John Varghese Vs. M/s. Value Designbuild Private Limited (Bengaluru Bench). 8. In this scenario it is appropriate to mention here that a Section 7 application under the IBC can be filed in a simple form prescribed in the Code even without any pleadings. Similarly, the 'debt' and 'default' can be proved through the records of 'debt' and 'default' maintained by the inform ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove document. 9. The next issue is when and before whom the above issue of stamp duty has to be raised. It is very clear from the plain reading of the provisions of Maharashtra Stamp Act and Indian Stamp Act, that a duty is cast upon the authority before whom the document is sought to be used as evidence by the party for the purpose of enforcing the contractual rights and obligations. 10. Now coming to the decisions of the Hon'ble Supreme Court in Action Ispat and Power Pvt. Ltd. Vs. Shyam metalics and Energy Ltd. and NN Global mercantile Vs. Indo Unique Flame relied upon by the petitioners, I am of the considered opinion that all the decisions relied by the petitioners are rendered while dealing with the issue of appointment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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