TaxTMI 
TaxTMI 
TaxTMI 
2021 (1) TMI 1238
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....ncorporated on 30.12.1994 and the registered address is stated to be SCO 15, Sector 26, Chandigarh. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. It is stated that the petitioner has given unsecured loan to the corporate debtor from time to time with effect from 07.09.2016 and the corporate debtor has been repaying part of these unsecured loans to the petitioner. It is further stated that as on 20 April 2017, the amount of Rs. 20 lacs was outstanding as unsecured loan of the Petitioner to the corporate debtor and the petitioner has further advanced another unsecured loan of Rs. 1.75 Crores to the corporate debtor. 4. It is averred that the corporate debtor has been paying interest on the unsecured loan of Rs. 1.75 crores during the financial year 2017-18 & up to 30.09.2018 and has also been deducting and depositing Tax Deducted on Source (TDS) on the interest paid to the petitioner as per the provisions of Income Tax Act, 1961. It is further stated that the corporate debtor has not paid interest on this amount after 30 September 2018. 5. On 21.01.2019, the petitioner issued demand notice and called upon the corporate debtor to pay the principal amount alon....
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....cilities from Corporation bank but later on the credit facilities were taken over by HDFC bank and for that purpose, the promoter's margin was brought in by the promoters/directors including the Petitioner's contribution from time to time in the form of share capital and unsecured loan. It is stated that the petitioner only inducted part of his obligation for meeting the above condition proposed by the HDFC Bank. It is also submitted that the petitioner has concealed the material facts that he being a related party is also one of the promoter - director of the corporate debtor and the promoters have agreed to contribute their obligation as was stipulated by HDFC bank at the time of issue/renewal of bank's credit facilities and therefore, all the three promoters contributed their margins and their contribution for the last financial years as per audited balance sheets. 10. It is submitted that while availing the credit facilities from HDFC Bank, later in the year 2016 as mutually agreed between the promoters, the property which was mortgaged in favour of HDFC Bank and owned by the Petitioner, was agreed to be released by the Bank in the year 2017 with the replacement of another per....
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....d one of the first directors of the company at the time of incorporation. It is also contended that the petitioner was only allotted 100 shares much later sometime in 2014-15 and out of total 98610 equity shares of the corporate debtor, the petitioner owns only 100 shares which constitute 0.1% of the total shares of the corporate debtor. It was denied that the Petitioner did not give any unsecured loans for the purpose of promoter's margin and contended that the corporate debtor has been accepting unsecured loans and been repaying the unsecured loans from time to time to the petitioner. It was also denied that the unsecured loans of the petitioner carried any obligation of HDFC Bank and stated that Mr. Raj Kumar Singal has hugely withdrawn his unsecured loans which were reduced from Rs. 2,11,56,229 as on 31.03.2016 to 27,83,481 as on 31.03.2018. 12. It was also averred that the petitioner and his brother Mr. Suresh Kumar Singal had given their jointly owned property in mortgage only to extend help to their elder brother Mr. Raj Kumar Singal so that he could get residential house i.e. House No. 147, Sector 28, Chandigarh released from mortgage. 13. It was submitted that the proper....
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....oans granted by the petitioner from time to time since 2017. 17. It is the case of the petitioner that the corporate debtor owes Rs. 1.95 crores as the principal amount to the petitioner/ financial creditor and the interest has been regularly paid by the corporate debtor on Rs. 1.75 crores on quarterly basis until 30.09.2018. Thereafter, the corporate debtor has defaulted in paying interest for the period 01.10.2018 to 31.03.2019. The petitioner has attached Balance Sheet of the Corporate Debtor as on 31.03.2018 (Page 34 of the petition) showing that Unsecured Loan to the tune of Rs. 1.95 crores under the name of Mr. Surender Kumar Singal (Petitioner). 18. The petitioner has also relied upon the Form 26AS of the petitioner (Annexure A-12 & A-13 of the petition) wherein the Tax has been deducted and deposited as reflected in Form 26AS as Rs. 154436 in respect of interest amount of Rs. 15,44,356 for Financial Year 2017-18 & Rs. 81159 in respect of interest of Rs. 8,11,593 for Financial Year 2018-19 and stated that the interest have been paid regularly for these period upon the unsecured loans granted by the petitioner to the corporate debtor until 30.09.2018. 19. The Corporate deb....