2023 (7) TMI 959

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....28th November, 2022 by which order the Adjudicating Authority has rejected Section 7 Application filed by the Appellant. Aggrieved by the said order, the Appellant has come up in the Appeal. 3. Learned Counsel for the Appellant submits that the Appellant had filed documents to prove the disbursement of the loan and the amount is still balance for payment. It is submitted that the Adjudicating Authority committed error in rejecting Section 7 Application on spacious ground that ledger and the bank statement do not tally whereas said observations were not correct since there was no discrepancies between the Bank Statement and the Ledger Account. It is further submitted that the Corporate Debtor has also filed Reply before the NCLT in which ....

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....isbursed qua the loan agreement dated 17.12.2021 annexed by the Applicant; (c) There is nothing on record pertaining to the disbursement period that the amount was disbursed as Loan; (d) Also, there is nothing on record to depict that the Applicant was eligible to grant loan to the Respondent in terms of Section 186 of Companies Act, 2013; and (e) The Applicant has concealed that Sh. Sh. Rabinder Singh (DIN: 06520376) was having control over both the Applicant and the Respondent Company during the period of transaction." 8. The observation of the Adjudicating Authority that amount of Rs. 4.10 lac was received from Harvansh and not from the Corporate Debtor is not a correct observation. The Bank Statement has be....