TaxTMI 
TaxTMI 
TaxTMI 
2018 (12) TMI 1989
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....nuj Sarma, Advocates for R- 2 ORDER The Appellant, a shareholder/ex-director has preferred this appeal against order dated 26th April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench wherein the Adjudicating Authority made following observations and passed following directions:- "9. On examination of the records of the company, it appears that advances given to these entities aggregating to more than Rs.30 crores which is appearing in page No. 66 of this application. By correspondence made by R1, we are prima facie of the view that the promoter/director is hiding information from the Resolution professional as to ensure that the transaction entered into with the related companies; its subsidiaries ....
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....steps whatsoever to recover the aforesaid amount advanced to Lighthouse Developer. 2. Corporate Debtor's Bank Statement showing the advance given to Lighthouse Developers Private Limited Bank Statements of the Corporate Debtor pertaining to the period when the said advances were made to Lighthouse Developers have not been handed over to the RP. The RP is in possession of the Corporate Debtor's bank statements from 10th August 2015 onwards. It is pertinent to note that Mr. Bhavik Bhimjyani and his family hold approximately 60% stake in Lighthouse Developers Private Limited and that Mr. Bhavik Bhimjyani was a director in Lighthouse Developers till October'17. Further, Lighthouse Developers and the Corporate Debtor share the same r....
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....and for which these said advance were made 6. Board resolutions authorizing the Corporate Debtor to make the said advances. C) Wholly Owned Subsidiaries - Urban Rupi Infrastructure Private Limited and Neelkanth Palm Realty Private Limited 1. Incorporation Documents of the aforesaid wholly owned subsidiaries. The Corporate Debtor has raised Rs.51 crores from the Financial Creditor out of which a sum of Rs.30.95 crores has been advanced to these 2 wholly owned subsidiaries for purchasing of approximately 50 acres of land in the same of project admeasuring approximately of 80 acres, in which the remaining 30 acres stands in the name of the Corporate Debtor. Further, the land purchased in the name of the Corporate Debtor is from the fund....
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.... Resolution Professional, rest of the documents may be lying with the other Directors. In so far as Item No. 2 and 3 of Clause (A) regarding advance payment made by the Corporate Debtor to 'Lighthouse Developers' and balance confirmation statement from 'Lighthouse Developers' and financial statement as shown in the Chart are concerned, learned senior counsel appearing on behalf of Resolution Professional submits that those documents have already been received from the Bank. 4. In so far as advances made to Bhagirathi Pate, Levi Bonkar, Mahesh Raukar, Manisha Korde, Prashant Garud and Sunder Padte are concerned learned senior counsel for the Appellant submits that whatever documents were available with him have already been handed over to t....