TaxTMI 
TaxTMI 
2021 (12) TMI 45
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.... JUDGMENT Justice Anant Bijay Singh; This Appeal has been preferred by Mr. Avneesh Kumar Singh - Appellant (Suspended Director of S N Jee Build Well Private Limited) aggrieved and dissatisfied by the order dated 07.01.2021 passed by the Ld. Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V in (IB) 3434 (ND)/2019 - IA/5412/2020 whereby and where under the Application filed by the Financial Creditor (Respondent herein) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) was admitted and initiated Corporate Insolvency Resolution Process (for short CIRP) against the Appellant Company and appointed Interim Resolution Professional (for short IRP) - Mr. Rakesh Kumar Jain having registration num....
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.... vi) Further case is that confirmation of outstanding balance/balance conformation was given by the Appellant company to the Respondent herein, confirming that an amount of Rs. 5,42,67,796/- outstanding as on 01.04.2019. vii) Further case is that the Respondent herein through its Advocate issued a Demand Notice to the company demanding the unpaid amount. Despite several reminders as well as the legal notice, the company failed to clear the outstanding payments of the Respondent. viii) Further case is that the Respondent herein filed the Application under Section 7 of the IBC against the Appellant company on 07.12.2019 and the Ld. Adjudicating Authority after hearing the parties passed the impugned order. Hence the Appeal.....
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....Act, 2013, no debt incurred by the company in excess of the limit imposed under Section 180(1)(c) of the Companies Act, 2013 shall be valid or effective. 8. It is further submitted that the loan agreement is antedated, sham and an unstamped document. Mr. Nimish Arora in collusion with the Respondent herein had played fraud on the Corporate Debtor by taking unauthorized, illegal and collusive loan from the Respondent and third parties and later diverted the funds to its group of companies. 9. The Learned Counsel for the Appellant further submitted that these facts are not considered by the Ld. Adjudicating Authority while passing the impugned order. So, based on these submissions the impugned order is fit to be set aside and the Appeal....
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....any reply to the said notice nor any payment has been received by the Respondent. 15. It is further submitted that the Appellant herein has not come with clean hands and is guilty of suppression veri and suggestio falsi inasmuch as the Appellant has duly acknowledged the debt of the Respondent by counter signing the audited balance sheet of the financial year 2015-16 of the Corporate Debtor (Annexure R-2 at page 18 to 26 of the Reply Affidavit). 16. It is further submitted that the Appellant time and again in the year 2016 has been signing and issuing cheques to the Corporate Debtor on account of payment of interest of the unsecured loan amount clearly acknowledging and admitting the financial debt of the Respondent. The said action o....
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.... the Forensic Audit Report, the Auditor has admitted this fact that the fund of Rs. 375 lakhs were received from the 'Indian Delco Private Limited' and it is also admitted that out of that amount Rs. 150 lakhs were properly utilized in the Company. So based on these submissions there is no merit in the instant Appeal, the Appeal is fit to be dismissed. FINDINGS 20. After hearing the parties and having gone through the pleadings made on behalf of the parties, we are of the considered view that the following facts are admitted in the instant Appeal. That in the year 2013, the Respondent extended a loan facility for an amount of INR 5,50,00,000/- to SN Jee Build Well Pvt. Ltd. (Corporate Debtor) by entering into a Loan Agreement....