TaxTMI 
TaxTMI 
2022 (1) TMI 63
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....s; a. To allow the claim of the Applicant herein to the tune of Rs. 30,15,612/- together with interest at 12% on the principal amount of Rs. 26,92,510/- from 01.04.2019 till the date of payment and b. To pass such other orders or further orders in this regard as this Hon'ble Tribunal may deem fit and proper and thus render justice. 2. The Learned Counsel for the Applicant submitted that he is carrying on business in cotton yarn and also acting as Del Credere agent for M/s. Rajapalayam Mill Limited, M/s. Sri Vishnu Shankar Mill Limited, M/s. Sandhya Spinning Mill Limited and M/s. Sundarasanam Spinning Mills vide agreements dated 01.04.2012. It was submitted that as per the terms of the agreement, the Applicant is required to procure....
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....a sum of Rs. 14,77,919/- on behalf of the Corporate Debtor to the account of M/s. Sri Vishnu Shankar Mills on 11.01.2017 by way of RTGS. It was submitted that the above payment was made by the Applicant to the sellers for the benefit of the Corporate Debtor against the consideration for time value of money. It was further submitted that the Corporate Debtor has agreed to pay interest at the rate of 12% p.a. towards such money remitted and as such the Corporate Debtor has paid an interest amount of Rs. 2,79,291/- on 05.04.2018 to the Applicant. 5. The Learned Counsel for the Applicant submitted that when the Applicant sought for settlement of the said loan amount with interest, the Corporate Debtor had issued 2 cheques for Rs. 26,92,510/- a....
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..../255/2020 before this Tribunal under Section 42 of IBC, 2016, however since the Application was wrongly filed under different section, liberty was granted to the Applicant to file a fresh Application and the said Application was dismissed. Hence the present Application. 7. The Respondent/RP has filed counter and the Learned Counsel for the Respondent submitted that the Applicant has miserably failed to produce any documentary evidence supporting his claim as a Financial Creditor and that the Applicant has only reproduced the agreements which had been entered into by and between the Applicant and third parties. Further, it was submitted that the CIRP in respect of the Corporate Debtor was initiated on 29.08.2019, however the post-dated cheq....
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.... equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on non-recourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; Explanation. For the purposes of this sub-clause,- (i) any amount raised from an allottee under a real estate project shall b....
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....icant herein. The Applicant has not entered into any contract/agreement with the Corporate Debtor in order to advance any loans or for financing any money towards the supply of goods. Secondly, it is required to be noted that none of the clauses contained in the Del Credere Agreement as referred by the Learned Counsel for the Applicant authorize/entitle the Applicant to proceed against any person who has not paid the amount. The Learned Counsel for the Applicant stated that since the Applicant has paid money on behalf the Corporate Debtor for the goods supplied by the mill owners, it is implied that he is a financial creditor. The said contention of the Learned Counsel for the Applicant is required to be brushed aside in view of the fact th....
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....o. 251 of 2020. Thus, the said contention of the Learned Counsel for the Applicant is also not sustainable in view of the judgments rendered by the Hon'ble NCLAT. 13. Further it is seen that as against the rejection of the claim made by the RP on 23.11.2019, the Applicant has initially filed IA/255/IB/2020 before this Tribunal and this Tribunal vide its order dated 17.08.2020 has dismissed the said Application by passing the following order; Ld. Counsel A. Sivaji for the Applicant and Ld. Counsel Mr. S. Sathyanarayanan for the Respondent are present. IA/255/IB/2020 has been filed by the Applicant in IBA/622/2019 under Section 42 of IBC, 2016. The section of IBC is against the claim rejected by the Liquidator. The Corporate Debtor i....