TaxTMI 
TaxTMI 
2017 (7) TMI 1364
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.... a) The alleged Financial Creditor issued the following cheques from his personal Savings Bank Account to the Corporate Debtor's Current Bank Account maintained in Punjab National Bank:- Date Cheque NO. Amount 03.09.2012 659613 30,00.000 05.10.2012 659631 10,00.000 06.12.2012 659661 10,00.000 11.03.2014 790400 10,00.000 13.03.2014 790403 5,00.000 Total 65,00.000 b) Out of the above amount of ' 65 lakhs, the Company repaid an aggregate amount of ' 27 lakhs by transferring the following amount on the following date from the Company's same Current Bank Account to the alleged Financial Creditor's Savings Bank Account, maintained in the said Punjab National Bank, as under:- Date Cheque No. Amount 26.02.2013 186299 20,00,000 11.09.2014 Letter of Fund Transfer 7,00,000 c) The aforesaid financial transactions are evidenced by Banker's Certificate dated 27th May, 2017 of Punjab National bank, Mumbai-400071 certifying to the aforesaid transfer of funds as per the aforesaid dates, amounts and instruments of transfer, which is annexed to the Petition. ....
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....ed by him is fully competent to act as Interim Resolution Professional. 4. The Petitioner has placed reliance on the following documents in support of his dues:- a) Copies of Entries from Punjab National Bank, Chembur Main Branch, Mumbai-400071; b) Annual Report of the Corporate Debtor for the year 2012-13 and 2013-14 containing Balance Sheet and Profit and Loss Account of the Corporate Debtor for the Financial Year as at 31st March 2013 and 31st March 2014. c) Subsequent to the partial repayment by the Corporate Debtor of ' 7 lakhs to the Financial Creditor, the total Financial debt owed by the Corporate Debtor to the Financial Creditor is reduced from ' 45 lakhs to ' 38 lakhs for the financial year ending on 31st March 2014. d) The Audited Balance Sheet and Profit and Loss Account of the Corporate Debtor for the Financial Year ending 31st March 2015, signed by Mr. Shaleen Vaid and by the Financial Creditor as the two Directors, acknowledges and admits that an amount of ' 38 lakhs is due and owing as a debt and liability by the Corporate Debtor to the Financial Creditor as "Long Term Borrowing from Mr. Vir Vikram Vaid. ....
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.... (Page 138 to 143 of the Application). I say and submit that the Special Power of Attorney has been illegally and fraudulently Notarized by the Notary Greater Mumbai Mr. A.D. Shroff having address at Shop No. 200, Dr. C.G. Road, Opp. BJP office, Chembur Colony, Chembur Mumbai 400074 and Mr. Gregory D'souza having address at Kalpak Estate, Bldg. No. B-11, Shop No. 40, Antop Hill, Mumbai-4000037. Since the Applicant was not in state of sound mind and his physical condition had deteriorated leading him to be in a vegetative condition, he would not have been able to understand or execute any Special Power of Attorney. Hence the Special Power of Attorney purportedly executed by the Applicant appointing Mr. Abhishek Vaid as his Constituted Attorney which has been purportedly Notarized by the above mentioned Notaries is a forged, fabricated and manipulated document. I say and submit that the Hon'ble High Court, Bombay in Order dated 11/01/2016 in Misc. Petition No. 73 of 2015 has made following observations:- "The 1st Deponent of the Joint Affidavit of the consent is present in Court. He is Wheelchair bound. He was asked whether he has executed this Affidavit. He ap....
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....tion of any nature to demonstrate that it was in fact a debt along with interest against the consideration for the time value of money. Meaning of a "debt" in common parlance is a liability on a claim, which is a specific sum of money due by agreement or otherwise. Commonly stated, the action of debt lies where a party claims the recovery of a debt; that is, a liquidated or certain sum of money due him. The action is based upon contract, but the contract may be implied, either in fact or in law, as well as express; and it may be either a simple contract or a specific contract. The most common instances of occurrence of debts is: (a) Upon unilateral contracts express or implied in fact, (b) Upon quasi-contractual obligations having the force and effect of simple contracts, (c) Upon bonds and covenants under seal, (d) Upon judgments or obligations of record, (e) Upon obligations imposed by statute. The obligation on the part of the creditor is therefore to demonstrate that the debt in question is falling within any one of the above referred four categories. Although in the books a nomenclature has been given but that nomenclature is required to be studied in the context of "financial....