TaxTMI 
TaxTMI 
2025 (2) TMI 1195
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....x ARC ) Mr. Arun Kathpalia, Sr. Advocate with Mr. Udit Mendiratta, Mr. Shivkrit Rai, Mr. Deniyal Quereshi and Mr. Aditya Dhupar, Advocates for R-1. Mr. Saurav Panda, Mr. Gaurav Arora, Mr. Anoop Rawat, Mr. Aditya Marwah and Ms. Snigdha Saraff, Advocates ORDER ( Hybrid Mode ) Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the order dated 19.11.2024 by which National Company Law Tribunal, Mumbai Bench has admitted a Section 7 Application filed by Asset Care & Reconstruction Enterprise Limited. It was held by Adjudicating Authority that financial debt exceeds the threshold of Rs.1,00,00,000/- (One Crore Rupees), hence the application was admitted, the order has been challenged by the Appellant in this Appea....
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....the Chartered Account Certificate. 5. Learned Counsel for the Respondent submits that the numerous OTS proposals were submitted by the promoters which clearly admits the disbursement and amount due and has offer to pay the amount. Reference has been made to the OTS dated 14.08.2019 which is part of the convenience compilation where proposals were submitted for one-time settlement to HDFC Bank, the total principal was referred as Rs. 81.72 crores and 8.5% interest and 26.14 crores total 107.86 was stated in the OTS that the Appellant propose to make the payment. It is submitted that OTS given by the Appellant itself is sufficient evidence to accept the liability of the Appellant. It is submitted that HDFC Bank on subsequent OTS given on 10.....
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....ame is supported by statements of accounts maintained by HDFCL. However, the Corporate Debtor disputes these statements and contends that a far lesser amount was disbursed by HDFCL. In this connection, the contention raised by the Corporate Debtor that the statements of accounts. are not compliant with the Bankers' Books Evidence Act, 1891 is not sustainable, since HDFCL as an NBFC fell outside the purview of the said Act. 6.3 It is well-settled that at the admission stage, all that the Adjudicating Authority is required to see is whether the financial debt exceeds the pecuniary threshold of Rs.1,00,00,000/- (One Crore Rupees) under Section 4 of the Code and whether default has occurred in repayment thereof. Disputes regarding the exa....
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....art-IV of the Application is not relevant at the stage of consideration of the Application for admission under Section 7 of the Code. On the facts of the present case, we thus find that the Corporate Debtor has admitted having received total disbursement of loans to the tune of Rs.81.72 crore, which is more than one crore rupees, thereby acknowledging the financial debt and its disbursement." 9. Learned Counsel for the Respondent has referred to the Chartered Accounts Certificate dated 14.08.2019 which is a certificate which was relied by the Appellant itself and was addressed to the Appellant by his own Chartered Accountant, the said certificate clearly mentioned that according to the Chartered Accountant the principal amount due against ....