TaxTMI 
TaxTMI 
2022 (4) TMI 521
X X X X Extracts X X X X
X X X X Extracts X X X X
.... private limited company, incorporated under the provisions of companies Act, 1956 on 03.04.2003, duly registered with Registrar of Companies, Ahmedabad with CIN: U24231GJ2003PTC042207 and having registered office at, Vadodara, Gujarat State. Nominal share capital of the corporate debtor is Rs. 52,00,00,000/- and paid up share capital of the company is Rs. 50,81,00,000/-. The corporate debtor is engaged in manufacture of gelatine and other derivative products. 4. It is submitted by the applicant that the corporate debtor is primarily a family run business and all the co-founders, directors and shareholders are family members and associates. In the year 1995, the corporate debtor decided to borrow funds from the applicant and the corporate debtor through its directors approached the applicant and proposed a financial arrangement wherein the applicant would lend loan amount which would carry assured interest at the rate of 18% per annum. Accordingly, it was orally agreed between the corporate debtor and applicant that the corporate debtor would borrow loans from the applicant in required intervals and in return the corporate debtor would pay interest at the rate of 18% per annum ove....
X X X X Extracts X X X X
X X X X Extracts X X X X
....with agreed interest. Thereafter, the applicant through her advocate sent a demand notice dated 31.12.2019 calling upon the corporate debtor to repay the entire amount of loan to the tune of Rs. 1,44,50,000/- along with outstanding assured interest to the tune of Rs. 7,10,10,263/- cumulatively amounting to Rs. 8,54,60,263/- (Rupees eight crores fifty-four lacs sixty thousand two hundred sixty-three only) as on 31st March, 2019. The corporate debtor through its advocate's reply dated 25.01.2020 for the first time vaguely denied the existence of the financial debt. As a result, the present application under Section 7 of the IB Code was filed by the applicant for total amount of Rs. 8,54,60,263/- (Rupees eight crores fifty-four lacs sixty thousand two hundred sixty-three only). 8. The corporate debtor filed affidavit in reply inter alia stating * The alleged debt is not a financial debt and the applicant is not a financial creditor; * The applicant has failed to file any loan agreement or written terms and conditions; * In absence of the tenure and repayment obligation of the loan, it cannot be said that the debt has become due and payable, therefore, application under Sect....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rs. vs. Jeet S. Bisht & Anr. (2007) 6 SCC 586); "the amounts mentioned in the returns of the company amount to acknowledgement of liability" * Jaydeo s/o. Mahadeo Parate vs. State of Maharashtra & Ors. (2006) 2 Mah LJ 497) Not much relevant to this case * D.J. Malpani vs. Commissioner of Central Excise, Nashik (2019) 9 SCC 120) Not much relevant to this case * State of UP & Anr. vs. Synthetics and Chemicals Limited & Anr. (1991) 4 SCC 139) law declared' - decision not express, nor founded on reasons nor proceeding on consideration of the issue, held, cannot be deemed as law declared' (per Sahai, J.) - Precedent - Jurisdiction" * Arnit Das vs. State of Bihar (2000) 5 SCC 488) "Ratio decidendi - Rule of sub silentio - when a particular point of law is not consciously determined by the court, that does not form part of ratio decidendi and is not binding" * One Granites vs. State of UP & Ors. (2001) 3 SCC 537) * law declared' - decision not express, nor founded on reasons nor proceeding on consideration of the issue, held, cannot be deemed as law declared' (per Sahai, J.) - Precedent - Jurisdiction" * Divisional Controller, KSRTC vs. Mahadev Shetty &....
X X X X Extracts X X X X
X X X X Extracts X X X X
....11.08.2020, which is within the period of limitation and not barred by law. 13. The registered office of the corporate debtor is situated in Ahmedabad and, therefore, this Tribunal has jurisdiction to entertain and try this application. 14. Heard submissions and perused the documents on record. The applicant has brought on record the ledger account of the applicant maintained by the corporate debtor. Ledger account of the applicant for the period 1st April 2016 - 31st March 2017 and 1st April 2017 - 31st March 2018 in which the corporate debtor itself has admitted existence of debt. On perusal of the record it is found that pursuant to the complaint made by the applicant against the corporate debtor, Mr. Ramdas M.P., representative of the corporate debtor vide letter dated 31.01.2017 had requested Commissioner of Police, Mumbai requesting for a copy of the complaint. Summary of loan account of the applicant, annexed to the said letter dated 31.01.2017 clearly reflects that a sum of Rs. 4,72,320.00 was paid to the applicant on 01.04.2014 towards interest undoubtedly amounting to acknowledgement of debt. Even the certificate issued by NeSL dated 21.02.2020 records that the status o....