TaxTMI 
TaxTMI 
2022 (5) TMI 1480
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....l Estate Private Limited with CIN: U70200DL2014PTC271234 is a Company incorporated on 03.09.2014 under the provisions of the Companies Act, 2013, having registered office at DSC-319, DLF, South Court, Saket New Delhi 110017, which falls within the jurisdiction of this Tribunal. 3. The Operational Creditor has submitted that the Corporate Debtor has engaged its services in procuring a loan for which it has raised an invoice for an amount of Rs. 57,25,000/- including taxes against the Corporate Debtor. Besides, an interest @24% per annum was to be charged from the date of invoice till the payment of the amount. 4. The Operational Creditor/Applicant has averred the following in support of its contention towards existence of the Operational Debt: BRIEF SYNOPSIS The Operational Creditor, most respectfully submits as under:- 1. The Corporate Debtor is a company incorporated under the Companies Act, 1956 having its registered office at DSC-319, DLF South Court Saket, New Delhi-110017. 2. The Operational Creditor is a company incorporated under the companies Act, 1956 having its registered office at B-10, Greater Kailash Enclave, Part-I, New Delhi-110048....
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....Debtor to clear the unpaid debt, the Operational Creditor issued a demand notice dated 31.01.2020 under Rule 5 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 seeking payment of the unpaid debt of Rs. 36,25,000/- (Rupees Thirty Six Lacs Twenty Five Thousand Only) along with interest @24% p.a. amounting to Rs. 29,36,250/- (Rupees Twenty Nine Lacs Thirty Six Thousand Two Hundred and Fifty Only), A copy of demand notice along with speed post receipt and tracking report is attached herewith and marked as Annexure-D. 9. It is pertinent to mention that no reply to the demand notice dated 31.01.2020 was received by the Operational Creditor. 10. There is no notice of pre-existing dispute or payment of debt, as contemplated under the Code, which has been received by the Operational Creditor. Hence the present petition. 5. That the detailed particulars of the Operational Debt as provided by the Applicant in Part IV of the Application are reproduced below: 6. That the Operational Creditor has submitted that the Corporate Debtor made a part-payment of Rs. 20,00,000/- only against the debt due and payable and failed to repay the balance a....
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....ed this material fact before this Adjudicating Authority. 14. Since the Balance Sheet for the year 2017-18 under reference has been signed by one Mr. Gulshan Kumar Jhurani, Director (DIN: 00209894) on behalf of the Corporate Debtor, therefore, we would like to examine whether Mr. Gulshan Kumar Jhurani (DIN: 00209894) was also a Director in the Applicant Company or not. 15. Therefore, at this juncture, we refer to the records available in public domain, free of cost, on the Website of the Ministry of Corporate Affairs (MCA) regarding past and present Directorships of Mr. Gulshan Kumar Jhurani (DIN: 00209894). The scanned copy of the MCA record found on the MCA website is reproduced overleaf: 16. That from perusal of the above, it is clear that Sh. Gulshan Kumar Jhurani (DIN: 00209894) was also the Director in the Applicant Company i.e., Zoom Communications Pvt. Ltd. during the period from 27.03.2006 to 07.08.2017 besides, being Director in the Corporate Debtor Company during the period from 03.09.2014 to 09.01.2017. 17. That from perusal of Part IV of the Application, it is seen that the Operational Debt claimed by the Applicant is arising out of an invoice amounting to ....
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.... the said transaction has turned out to be a sham transaction, we are of the considered view that both the parties are in collusion and the present Application has not been filed for the resolution of Insolvency rather, the parties have attempted to kick start the CIR Process with a malicious intent for a purpose other than the resolution of insolvency of the Corporate Debtor, which is not permissible under the IBC 2016. As per the Code, if any person [as defined under Section 3(23) of IBC] initiates the Insolvency Resolution Process fraudulently or with malicious intent for any purpose other than for the resolution of the insolvency, or liquidation and such an act is punishable under Section 65 (1) of IBC 2016. Hence, before taking any action under Section 65(1) IBC 2016, we think it proper to issue a show cause notice, under Rule 59 of the National Company Law Tribunal Rules 2016, to M/s. Zoom Communications Pvt. Ltd. through its Directors and M/s. Par Excellence Real Estate Pvt. Ltd. through its Directors and to Mr. Gulshan Kumar Jhurani as to why the penalty as stipulated under Section 65(1) of IBC, 2016 shall not be imposed on them. Ld. Registrar NCLT is directed to issue the ....
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....y Lacs Only) was paid. Therefore, an amount of Rs.36,25,000/- (Rupees Thirty Six Lacs Twenty Five Thousand Only) is liable to paid along with an interest at 24% per annum amounting to Rs. 29,36,250/- (Rupees Twenty Nine Lacs Thirty Six Thousand Two Hundred and Fifty Only) from 12.08.2016 till the date of issuance of demand notice. Further, interest is to Document 3 be granted till the date of actual recovery. AMOUNT DUE INTEREST (@024%) $7.25,000/- as on 10,19,050/- 15.12.2015 (till11.8.2016 when payment of Rs. 20,00,000/- was made and TDS of Rs. 1,00,000/- was deposited.) 36,25,000/- as on 29,36,250/- 25.2.2020 Total interest: (from till 12.8.2016 31.1.2020 when demand notice issued.) was Rs. 39.55.300/- (Rupees Thirty Nine Lacs Fifty Five Thousand Three Hundred Only) 31.1.2020. Document 4 Related Party Transations S.No. Name Related Party Naters of Belatios Tanuc L Calshan Kumar Oubtandinga 34.403016 Repayment of uncured loan Rs.14,71,70414 taken from disctor to the te Director of Ra1755.000 d procurement d frish ....