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Issues: Whether the applicant was entitled to be recognised and admitted as a financial creditor in the corporate insolvency resolution process on the basis of the alleged loan documents and whether the agreement executed on old stamp paper was valid.
Analysis: The claim was not supported by the corporate debtor's income-tax records and the resolution professional objected to the loan agreement as being executed on stamp paper issued in 2014 and used for an agreement dated 25.01.2017. Section 52B of the Maharashtra Stamp Act, 1958 was applied to hold that stamp papers not used within the prescribed period become invalid. The application also proceeded against the backdrop of the claim being re-submitted with supporting documents after the resolution professional had called for further proof.
Conclusion: The applicant was not entitled to be treated as a financial creditor, and the claim could not be admitted.
Final Conclusion: The application failed on the ground that the underlying agreement was treated as invalid under the applicable stamp law, so the requested reliefs for admission of the claim and participation in the committee of creditors were refused.
Ratio Decidendi: An agreement executed in Maharashtra on stamp paper that had remained unused beyond the statutory period under Section 52B of the Maharashtra Stamp Act, 1958 could not be relied upon to sustain the claimed financial debt.
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