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TMI Blog2024 (11) TMI 1352X X X X Extracts X X X X X X X X Extracts X X X X ..... e ) [ Per : Ajai Das Mehrotra , Member ( Technical ) ] The present appeal has been filed by the Suspended Director of M/s Evyavan Merchantile Private Limited against the order dated 02.11.2023 of National Company Law Tribunal, Mumbai Bench, Court-V (hereinafter referred to as 'Adjudicating Authority' or 'AA') whereby the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC, 2016') filed by the M/s Ashika Global Securities Private Limited (hereinafter referred to as 'Financial Creditor') was allowed and M/s Evyavan Merchantile Private Limited (hereinafter referred to as 'Corporate Debtor') was admitted into Corporate Insolvency Resolution Process (hereinafter referred to as 'CIRP'). 2. Br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .01.2019 is only regarding payment of interest, thereby meaning that the demand for repayment of principal amount was never made. 4. It was averred as there was no agreement, the demand for interest is illegal and contrary to the law. It was submitted that the TDS was deducted and deposited by the Corporate Debtor at the request of the Financial Creditor so that they can put their accounts in order. It was also submitted that application under Section 7 is filed on 30.05.2022 which is beyond 3 years of disbursal of funds and is time barred. 5. On the other hand, the Learned Counsel for the petitioner in his oral and written submissions submitted that sum of Rs. 7 crores was advanced and disbursed to the Corporate Debtor between 18.08.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res from the Financial Creditor in seven transactions as listed below: Date of Disbursal Amount Disbursed 18.08.2016 Rs. 1,00,00,000/- 19.08.2016 Rs. 1,00,00,000/- 19.08.2016 Rs. 1,00,00,000/- 14.03.2017 Rs. 1,00,00,000/- 29.03.2017 Rs. 1,00,00,000/- 31.03.2017 Rs. 1,00,00,000/- 31.03.2017 Rs. 1,00,00,000/- Total Rs. 7,00,00,000/- 10. The Corporate Debtor had repaid a sum of Rs. 1.90 crore which details are listed below: Date Amount 23.08.2016 Rs. 1,00,00,000/- 15.06.2018 Rs. 25,00,000/- 20.06.2018 Rs. 25,00,000/- 04.07.2018 Rs. 40,00,000/- Total Rs. 1,90,00,000/- 11. The entire transactions are reflected in the books of account of the Corporate Debtor and the ledger accounts of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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