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Judgment
Mr. Rishikesh Soni a/w Mr. Manish Gala, Ld. Counsel for the Financial Creditor present. Mr. Shyam Kapadia, Ld. Counsel for the Corporate Debtor present.
It is a Petition filed under Section 7 of the IBC, 2016 on 15.11.2019 by an individual viz. Rahul Jain to initiate Corporate Insolvency Resolution Process in respect of the Corporate Debtor viz. Rajsanket Realty Limited against his claim of Rs.3,79,00,603/- including interest.
On 18.12.2019, the Bench categorically stated that the petition appears to be defective and to rectify the defect in the petition one week’s time was granted as per Section 9(5)(ii) of the Code. Further, the Counsel for the Financial Creditor was directed to submit the Income Tax Returns filed for the last three financial years before the next date of hearing and the matter was listed on 20.01.2020.
The Counsel for the Financial Creditor filed an affidavit on 24.12.2019 filing the banker’s certificate issued by ICICI bank dated 18.12.2019 stating that “This Certificate is issued at the specific request of the customer and in accordance with, and subject to, the terms and conditions applicable to the Current Account” but there is no bank statement available for establishing the disbursal of the loan and establishing the source of fund for lending the loan to the Corporate Debtor.
It is observed that even after three years, Counsel for the Financial Creditor is not filed the necessary documents to establish the case that the amount due is a financial debt and disbursement of the loan to the Corporate Debtor and capacity of the Financial Creditor. It seems that the Counsel for the Financial Creditor is not interested to pursue the case properly.
The Counsel filed an application on behalf of the Financial Creditor attaching copy of ITR for the Assessment Years 2017-18, 2018-19 and 2019-20. However, he failed to show the debt shown in the Balance Sheet filed by him.
As the Counsel failed to establish that the debt is a financial debt, the present Petition cannot survive u/s 7 of the IBC, 2016, hence, the same [C.P.(IB)/4061(MB)/2019] is hereby dismissed. No cost. However, Petitioner is at liberty to approach any appropriate legal Forum for recovering his dues from the Corporate Debtor.