TaxTMI 
TaxTMI 
2021 (8) TMI 944
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...., 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, has been filed by Hifill Tracon Private Limited, a corporate entity, bearing CIN: U51109WB1995PTC067468 and having its registered office at 101, Park Street, Siddha Point, Ground Floor, Kolkata- 700016, West Bengal (hereinafter referred as Financial Creditor), through one of its Directors Mr. Vedaang Diwan, who has authorised by the Board of Directors in its meeting held on 15th December, 2018, seeks initiation of Corporate Insolvency Resolution Process in respect of Champa Impex Private Limited, another corporate entity having CIN: U15135WB2007PTC116848 and having its registered office at 1A, Madan Mohan Burman Street, Kolkata-7000....
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....he Financial Creditor has also filed on record the Bank Statement evidencing disbursement of inter-corporate deposit of Rs. 25,00,000/- (Rupees Twenty Five Lakhs only) 9th April, 2018 by Financial Creditor to Corporate Debtor. 5. The Financial Creditor has proposed the name of Mr. Manish Jain, having its registration No. IIBI/IPA-001/IP-P00582/2017-2018/11023 to act as an Insolvency Resolution Professional in case the Corporate Debtor is directed to undergo CIRP. 6. The Corporate Debtor, however, in its reply affidavit sworn on 6th July, 2019 filed on 26th July, 2019, through its authorized representative Mr. Manish Kumar Agarwal, has submitted that the copy of the application served upon the Corporate Debtor is incomplete and annexur....
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....orporate Debtor and the directors of the Financial Creditor, the present proceeding had been filed in order to take advantage of the purported documents. The Corporate Debtor further denied that a sum of Rs. 26,42,027/- or any part thereof is due by the Corporate Debtor to the Financial Creditor. 7. The Corporate Debtor filed a supplementary affidavit as well after seeking leave of this Adjudicating Authority. It was submitted in the said supplementary affidavit that the issues in the present application are the subject matter of a suit being T.S. No. 1151/2019 pending before the City Civil Court at Calcutta by the Corporate Debtor against the Financial Creditor and others. It is submitted that the issues involved required trial and coul....
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....al Creditor submitted that the amount was disbursed to the Corporate Debtor through RTGS. It is further submitted that the Corporate Debtor has acknowledged the receipt of the inter corporate deposit of Rs. 25,00,000/- sent to it vide RTGS on 9th April, 2018 for 114 days carrying interest @ 9% per annum. It is submitted that the Corporate Debtor had given a post-dated cheque No. 000136 dated 1st August, 2018 of Rs. 25,00,000/- which was dishonoured on presentation. 10. Ld. Counsel for the Financial Creditor has produced the Bank Statement evidencing the disbursement of the inter corporate deposit of Rs. 25,00,000/-. It is submitted by the learned counsel for the Financial Creditor that the Corporate Debtor has not been able to show any b....
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....by the Financial Creditor is undated and mentions a cheque No. 000136 dated 1st August, 2018, whereas, paragraph 1 of the application states that a purported letter was given on 9th April, 2018. Hence, the genuineness and veracity of the document is disputed. It is further argued by the Ld. Counsel for the Corporate Debtor that the memo evidencing dishonour of cheque annexed to the application as Annexure-D proves that the cause for such dishonour of cheque is "instrument out-dated". This only strengthens the Corporate Debtor's case as made out in the above referred plaint that it is part of a larger transaction and the cheques were made over only for tax purposes without an intention of acknowledging of any purported loan. 12. It is....
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.... a request for inter-corporate loan was made by the Corporate Debtor to the Financial Creditor. There is no document placed on record by the Financial Creditor indicating any demand or requests made on behalf of the Corporate Debtor. There is no agreement to indicate the rate of interest being claimed by the Financial Creditor @ 9% per annum. In the absence of any such document, it is very difficult to put the payment of Rs. 25,00,000/- sent through RTGS by the Financial Creditor to the Corporate Debtor, in the category of financial debt. Copy of the cheque No. 000136 dated 1st August, 2018 having allegedly been given to the Financial Creditor by the Corporate Debtor along with the letter 'Annexure-C' purportedly acknowledging the d....