2021 (6) TMI 117

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....ate Debtor on grounds of its inability to liquidate its financial debt. 2. The Financial Creditors are Private Limited Companies engaged in the business of financing and related activities. 3. The Corporate Debtor is engaged in the business of printing and publishing. 4. The Corporate Debtor is known to Directors of Financial Creditor(s). However, in 2015, the Corporate Debtor approached the financial creditors for unsecured loan and Financial Creditor No. 1 agreed to advance an unsecured loan i.e. inter corporate deposits/loans (ICD), vide loan agreement dated 22.10.2014 and sanctioned a limit aggregating to Rs. 2 Crore @ 9% P.A. on agreed terms and conditions to meet out its working capital requirements. Also, the financial credi....

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....ccount of the applicant from 01.04.2016 to 31.03.2019. Hence, the application is within time. 12. He further submitted that the payment was made on 27.03.2017, 28.03.2017 and a part payment was received on 28.04.2017. 13. He further submitted that the interest was received on 04.09.2017 and on this ground, he claimed that the application is within time. 14. At first, we would like to consider whether the deduction of TDS by the Corporate Debtor amounts to the admission/acknowledgement of debt or not? 15. Before considering this submission, at this juncture, we would like to refer the decision of the Hon'ble Delhi High Court in the matter of Utility Power Tech Limited Vs. Amit Traders, RFA No. 515/2015 decided on 15th May, 20....

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....ement of debt by the Corporate Debtor. 17. The other submission of the applicant is that since the amount is reflected in the ledger account, therefore, it is an acknowledgement of debt. 18. At this juncture, we would like to refer to the decision of V. Padma kumar Vs. Stressed Assets Stabilisation in Company Appeal (AT) (Insolvency) No. 57/2020 decided by Hon'ble NCLAT on 12.03.2020. The majority view of the Hon'ble NCLAT in this matter referred in para 22 of the decision held that: "22. In view of the aforesaid findings, agreeing with the decisions aforesaid, at the cost of repetition, we hold: (i) As the filing of Balance Sheet/Annual Return being mandatory under Section 92(4) of the Companies Act, 2013, f....