TaxTMI 
TaxTMI 
2015 (8) TMI 1594
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....y the petitioner to the company by way of an RTGS transfer following the petitioner's request for a loan. The petitioner says that after giving credit to the amount paid by the company to the petitioner, the principal sum due is to the tune of Rs. 1.21 crore. 3. In response to the statutory notice of September 17, 2013, the company issued a detailed reply on September 30, 2013. The substance of the company's reply was that upon the company seeking a credit facility of about Rs. 2 crore from the petitioner, the petitioner agreed to provide the same after deducting interest upfront and inflating the amount lent to the company by taking back a substantial part thereof in cash. According to the company's reply, against the compan....
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.... Section 138 of the Negotiable Instruments Act, 1881 in the Sessions Court in Mumbai for certain cheques which had been issued by the company to the petitioner being dishonoured on presentation. It is evident from the petitioner's statement in the Mumbai proceedings that payments of at least Rs. 5 lakh and Rs. 2 lakh appear to have been received in cash by the petitioner and on or about the two specific dates which are indicated at Annexure 'H' to the company's affidavit in the present proceedings. There is, therefore, a basis to the company's contention that part payments had been made by the company to the petitioner in cash and the petitioner's contention at paragraph 15 of the affidavit-in-reply that no payment w....
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....ceivable that the company's unequivocal admission of its debt of Rs. 119 lakh to the petitioner as evident from the document of November 16, 2013 could have been on the basis of any "draft" that had been forwarded to the company on November 26, 2013. Even though these two documents of November 16, 2013 and December 2, 2013 would belie the contents of the company's response of September 30, 2013 to the statutory notice issued by the petitioner, it is possible that the letter dated December 2, 2013 was based on the suggested terms thereof as prepared and forwarded on behalf of the petitioner to the company on November 26, 2013. In the light of the company's stand, both in its reply to the statutory notice and in the affidavits fil....
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....able to pay such amount of Rs. 1.19 crore to the petitioner along with interest at the rate of 24 per cent per annum. However, the rate of interest is not indicated in the company's admission of the quantum of its indebtedness in the relevant letter of November 16, 2013. 11. CP No.849 of 2013 is admitted for the principal sum of Rs. 1.19 crore together with interest thereon at the rate of 10 per cent per annum which has been admitted by the company as being payable to the petitioner in terms of the original agreement between the parties. If such amount of Rs. 1.19 crore, together with the interest thereon at 10 per cent per annum from November 16, 2013 till today and costs assessed at 3000 GM, are paid off by the company to the petit....