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There should be a direct disbursal of the amount owed, Financial Creditor to the Corporate Debtor for the amount to be construed as a ‘Financial Debt’, the transaction should be a direct transaction between the Financial Creditor and the Corporate Debtor – M/s. Actioncor Consultants Pvt. Ltd. Vs. M/s. Viprah Technologies Ltd. – NCLAT Chennai

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There should be a direct disbursal of the amount owed, Financial Creditor to the Corporate Debtor for the amount to be construed as a ‘Financial Debt’, the transaction should be a direct transaction between the Financial Creditor and the Corporate Debtor – M/s. Actioncor Consultants Pvt. Ltd. Vs. M/s. Viprah Technologies Ltd. – NCLAT Chennai Read Post »

The prayer clause of the Operational Creditor seeking directions upon the Corporate Debtor to produce all the documents by way of an affidavit, so that the Operational Creditor may prove its case against the Corporate Debtor is beyond Adjudicating Authority jurisdiction – Trident Fabricators Pvt. Ltd. – NCLT Kolkata Bench

In this case, by way of this IA, the Operational Creditor has sought directions upon the Corporate Debtor to file an affidavit disclosing the necessary documents such as Balance Sheets, Ledger Accounts, Trial Balance etc. The Adjudicating Authority dismissed the IA holding that the prayers made in this IA, seeking directions upon the Corporate Debtor to file the various documents enumerated in the prayers clause of this application, it seems unusual for this Adjudicating Authority to support the Operational Creditor by permitting its prayer to be granted thereby allowing the Corporate Debtor to file all the documents favouring the Operational but to the detriment of the Corporate Debtor. This Adjudicating Authority has a very limited jurisdiction of looking at the petition containing the information relating to existing outstanding debt and default in repayment thereof by the Corporate Debtor. If the Corporate Debtor has committed a default, the Operational Creditor has to place all documents on record. This Adjudicating Authority has only to see the authenticity of the information and the documents for reaching a conclusion whether a case for admission of the petition or initiation of CIRP is made out or not.

The prayer clause of the Operational Creditor seeking directions upon the Corporate Debtor to produce all the documents by way of an affidavit, so that the Operational Creditor may prove its case against the Corporate Debtor is beyond Adjudicating Authority jurisdiction – Trident Fabricators Pvt. Ltd. – NCLT Kolkata Bench Read Post »

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