2021 (7) TMI 1081

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....Interim Resolution Professional (TRP') and also declared moratorium in relation to the Corporate Debtor. The IRP was subsequently confirmed as the Resolution Professional ('RP'). On 24.01.2020, this Adjudicating Authority approved liquidation of the Corporate Debtor and appointed the RP as the Liquidator. 3. The Applicant stated that it was dealing and engaged in the business of coal supply in Bhilwara, Rajasthan and the Corporate Debtor was engaged in the business of processing of textile and other fabrics through its plant situated at Bhilwara. The Applicant was the middle man that was supplying coal to the Corporate Debtor from the ultimate suppliers and the Applicant made payments to the ultimate suppliers against the supply of coal on behalf of the Corporate Debtor and further the Corporate Debtor made payment to the Applicant. However, from the year 1999 onwards, the Applicant alleges that the Corporate Debtor was not regular in making payments. 4. The Applicant submitted its claim under Section 38(3) of the Code and Regulation 17 of the IBBI (Liquidation process) Regulations, 2016 in Form C dated 17.02.2020 to the Liquidator on behalf of its two proprietary....

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....ts and obligations associated with it from a creditor to the third party, who is assignee. It is seen that the Applicant has annexed letters from 2 ultimate suppliers, namely M/s. Bansal Coal Traders and Linkson Coal & Minerals Pvt. Ltd. addressed to the Corporate Debtor, stating as follows: "We are dealing in coal trading business and we deal in the trading of coal through middle man at various places. M/s. Sohan Lal & Sons, Prop, Ram Kumar Chechani, l-B-8, R C Vyas Colony, Bhilwara, is our middle man at Bhilwara. We deal from you through M/s. Sohan Lal & Sons. We supply the coal to you as per the instruction of M/s. Sohan Lal & Sons on behalf of the advance deposit of M/s. Sohan Lal & Sons. We deal as per the instructions of M/s. Sohan Lal & Sons and supply & billing the various orders as per their instructions. We raise the bills in your favour & M/s. Sohan Lal & sons is owner of all the supplied goods and authorized from collection of credit balance from you. " 8. The Applicant has also stated that the Corporate Debtor had filed petition before the BIFR in the year 200-03 for declaring itself as a sick unit which restrained the Applicant from filing any cla....

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....ency of suit or arbitration proceedings whereas on page no. 47 of the Application, the Applicant has provided the details of case pending before Hon'ble District Court, Bhilwara. The Respondent also stated that no documentary proof has been submitted by the Applicant to establish its claims. 11. The issue before this Adjudicating Authority is rejection of claim of the Applicant by the Liquidator. In this regard, following are the observations of this Adjudicating Authority: a. The ledger account of the Applicant as maintained by the Corporate Debtor dated 31.03.2000 shows outstanding amount of Rs. 10,95,626/- in the name of M/s. Shyam Enterprises. b. Ledger account of the ultimate supplier M/s. Bansal Coal Traders as maintained by the Corporate Debtor from 01.10.2001 to 23.12.2001, shows outstanding amount of Rs. 4,56,595/- (minus Rs. 95,000/- cash received as on 27.11.2001 which is not recorded in the books of the Corporate Debtor). Thus, total principal outstanding amounts to Rs. 3,61,595/- as claimed by the Applicant for Sohan Lal & Sons. c. Invoices as annexed to the Application show that M/s. Bansal Coal Traders sold material through M/s. Soha....

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....ire stamp duty to be paid as mandated under law. However, the Respondent has admitted to the fact that Rs. 3,61,595/- was reflecting in the books of accounts of the Corporate Debtor, on the basis of which the Respondent admitted the said principal amount. Therefore, we find no reason in delving into the approval of the principal amount and the claim of the Applicant including interest is due and payable by the Corporate Debtor. 13. Now, in respect of M/s. Shyam Enterprises, the Applicant has annexed the ledger account of the Applicant as maintained by the Corporate Debtor and it shows that the outstanding amount of Rs. 10,95,626/- is owed to M/s. Shyam Enterprises. Thus, the claim of the Applicant in respect of M/s. Shyam Enterprises cannot be denied, to the extent of the principal amount. And the claim of the Applicant with respect to the interest charged is still unclear, as no proof/documents/evidence have been provided by the Applicant. In the circumstances, the Liquidator shall verify the veracity of the claims of the Applicant with respect to the interest amount and take a decision accordingly. 14. Taking the above observations into account, it is seen that the Corporat....