TaxTMI 
TaxTMI 
2018 (8) TMI 1992
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.... preferred by the respondent, 'The Kotak Resources', against the Corporate Debtor, 'M/s Ranianga Ispat Pvt Ltd,' has been admitted. 2. The main plea taken by the appellant is that the material produced by respondent is not sufficient to record satisfaction of default. 3. Learned Senior Counsel appearing on behalf of the appellant submitted that the 'pledge agreement' cannot be relied upon being doubtful. No other document was filed to show disbursement of any further amount of Rs. 50 lakhs (Rupees Fifty lakhs only) except a sum of Rs. 50 lakhs (Rupees Fifty lakhs only) which was initially given. Neither the Bank statement nor ledger or any receipt or any acknowledgement or balance sheet or any other document was filed in support of the claim. 4. It was further submitted that the 'Corporate Debtor' has fully paid the initial loan of Rs. 50 lakhs through banking channel. In support of such claim the copy of the ledger have been enclosed at Page 234 and the Bank Statement has been enclosed at Page 278-285. It was submitted that the receipt of Rs. 50 lakhs (Rupees Fifty lakhs only) has not been denied by the Respondent. It was further submitted that 'assignment deed' was a sel....
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....ity is not required to go into the claim or counter claim MADE BY THE PARTIES except to find out whether the record is complete or not and whether there is a 'debt' and default committed by the Corporate Debtor. 8. In 'Innoventive Industries Ltd Vs ICICI Bank' (2018) 1 SCC 407 the Hon'ble Supreme Court held as follows: "28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the corporate debtor-it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part III, particulars of ....
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....ollows: "DEED OF ASSIGNMENT OF DEBT THIS DEED OF ASSIGNMENT is made at Mumbai on this 25th day of October, 2017 between Mr. Navis Multitrade Private Limited, having its registered office at B-302, West View, 117, Bajaj Road,Vile Parle (W), Mumbai-40056, hereinafter referred to as 'the Assignor' of the one part and Kotak Resources, Proprietary concern, having its office at Navsari Building, 1st floor, 240, Dr. D.N. Road, Fort, Mumbai-400 001, hereinafter referred as 'the Assignee' of the other part: WHEREAS 1. The Assignor and Assignee have entered into Memorandum of Understanding (MOU) dated 05.07.2012 whereby Assignee lent Rs. 50,00,000/- to Assignor whereby Assignor was to trade in Pig Iron (Enclosure-1). 2.The Assignor with the consent of Assignee lent above referred amount to Raninga Ispat Private Limited having its Registered Office at 17 Manichandra Society Part-1, Thaltej Ahmedabad-380059 (hereinafter referred to as 'Raninga') as Raninga is engaged in manufacturing and trading of Foundry Grade Pig Iron." "4. Assignee transferred Rs. 50,00,000/- on 06.07.2012. Rs. 28,00,000/- on 08.09.2012 and Rs. 22,00,000/- on 10.0....
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.... (Rupees One crore only). In absence of any evidence of grant of further sum of Rs. 50 lacs (Rupees Fifthy lakhs only), it cannot be treated that a sum of Rs. 1 crore (Rupees One crore) was paid by 'Navis' to the 'Corporate Debtor'. 17. With regard to payment of Rs. 50 lacs (Rupees Fifty laks only) at initial stage, we have noticed that the such amount has already been repaid by 'Corporate Debtor' through cheques, as discussed and noted above. 18. In view of aforesaid record we hold that the appellant has made out a case that the default has not occurred in the sense that the "debt", which also includes a disputed claim, is not due and is not payable by Corporate Debtor to the Respondent in law as also in fact. 19. As the 'Adjudicating Authority' has failed to notice the aforesaid facts and records are doubtful, in view of the different dates which has been mentioned therein and the 1st Respondent has failed to explain as to how in letter dated 24th October, 2017 reference of agreement of subsequent dated 25th October, 2017 has been given or as to how in the agreement dated 25th October, 2017, amount due as on 5th November, 2017 has been shown, the impugned order cannot be....
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....ej, Ahmedabad-380059. 24 October, 2017 Subject:- Assignment of debt by Navis Multitrade Private Limited to Kotak Resources. Dear Sirs, 2 Vide Deed of Assignment dated /10/2017, Navis Multi Trade Private Limited has assigned its right, title and interest including actionable claim in favour of Kotak Resources having its office at Navsari Building, 240, Dr.D.N. Road, Mumbai - 400001 in relation to debt due from Raninga Ispat Private Limited to Navis Multi Trade Private Limited. You are asked to make amount due to Navis Multi Trade Private Limited to Kotak Resources and that will constitute valid discharge towards your debt to Navis Multi Trade Private Limited Thanking you, Yours faithfully, For Navis Multi Trade Pvt.Ltd. fflute. Click Directoris C.C to, Kotak Resources, Navsari Building, Dr.D.N. Road, Fort, Mumbai - 400001. Document 3 12, Manichandra Society Part I, Nr. Surdhara Circle, Thaltej, Ahmedabad Navis Multi Trade Pvt. Ltd. Ledger Account B/302, West View, 117, Bajaj Road, Ville Parle (West) Mumbai 1-Apr-2011 to 31-Mar-2014 234 Page 1 Date Particulars. 26-12-2011 To Dena Bank - 057....