2020 (10) TMI 1255

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....16, to start Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP') against the M/s. Kaneri Agro Industries Limited the Corporate Debtor, on the ground that, it has committed a default in paying the outstanding debt of Rs. 10,50,000/- The date of default is stated as 30th September, 2019. 2. The brief facts of the case are as under : I. The Corporate Debtor, from time to time, availed loan from the Financial Creditor. The Corporate Debtor agreed to pay the same as per the terms and conditions made between the parties. However, a sum of Rs. 10,00,000/-has remained outstanding, which is net outcome of the transactions in the Financial Year 2018-19. II. The Corporate Debtor appeared through Learned Counsel....

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....p on the same date or in a very short time. A copy of account of the Corporate Debtor in the books of account of the Financial Creditor for the F.Y. 2018-2019 and 2019-20 is reproduced herein below to establish this factual situation. SHREE AMBICA RICE MILL -SALAJADA DHOLKA ROAD, BAVLA Phone:9825323318 GSTIN: 24AAGFS54568NIZL PAN No. AAGFS5468N Ledger Date: 01/04/2018 to 31/03/2019 Date Type Ref No. Particulars Debit Credit Balance Account : KANERI AGRO INSUTRIES LTD -BAVLA (5833)       16/04/2018 REC   HDFC BANK CC A/C NO. 09568   10,00,000.00 10,00,000.00 16/04/2018 PAY ONLINE HDFC BANK CC A/C NO. 09568 10,00,000.00     19/04/2018 PAY ONLINE HDFC BANK CC A/C NO. 09568 1....

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....O INSUTRIES LTD -BAVLA (5833)       01/04/2019 OBL   OPENING BALANCE 10,00,000.00   10,00,000.00 17/04/2019 PAY ONLINE HDFC BANK CC A/C NO. 09568 25,00,000.00   35,00,000.00 18/04/2019 REC ONLINE HDFC BANK CC A/C NO. 09568   15,00,000.00 20,00,000.00 20/04/2019 REC ONLINE HDFC BANK CC A/C NO. 09568   10,00,000.00 10,00,000.00       TOTAL 35,00,000.00 25,00,000.00 10,00,000.00 4. From the perusal of the above it is apparent that first transaction has been squared up on the same date itself i.e. 16.04.2018. Next transaction is squared up in two days. Third transaction is again squared up on the same date. Thereafter, two transactions of lending of mo....

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....Corporate Debtor in fact required this money i.e. amount disbursed in July and August, 2018 for its business purposes and actually utilised the same for that purpose as other transactions have been squared up either on the same date or within a period of less than four days from the date of receipt of money. 5. As per the practice MCA Data of the Corporate Debtor is required to be filed alongwith application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, which was not attached initially, hence, this matter was fixed for clarification for filing of the same. The MCA Data filed by the Financial Creditor showed an open charge in favour of the Bank of Baroda (the Sole Secured Financial Creditor). Such loan has been taken in t....